Understanding Off-shoring and Outsourcing Act of 2006 - Requires the Bureau of Economic Analysis of the Department of Commerce to revise its requirements for mandatory industry reporting of international services transactions to lower by 50% the per-company monetary thresholds above which companies must report import and export services transactions.
Requires the Bureau of Labor Statistics of the Department of Labor to make specified revisions to the procedures and methodologies related to its collection and disaggregation of data relating to mass layoffs, relocations, and employment.
Requires the Bureaus to study and report jointly to Congress on whether linking or coordinating their independent data relating to mass layoffs and import and export services transactions would improve the quality of information available about outsourcing and off-shoring of private sector business operations and services.