Labor Statistics Improvement Act

Establishes an independent Commission to Improve Labor Statistics.

Directs the Commission to:

• examine and assess the process by which the Bureau of Labor Statistics of the Department of Labor collects, processes, analyzes, and disseminates statistical data relating to unemployment rates, including the methods used for determining that an individual is considered to be looking for work;
• recommend any improvement to the process and methods, including proposals for any alternative measures of labor force participation, taking into account evidence that the official unemployment rate doesn't always accurately reflect labor market strength; and
• develop a new method for determining and reporting underemployment that takes into consideration workers who are not in jobs that match their skill sets or education and who are earning less than other workers in similar occupations or with similar skill sets and education.