Official unemployment rates for the U.S. population are reported on a monthly basis by the Bureau of Labor Statistics. For the period October, 2011, through January, 2012, the official unemployment rates were 8.9 % (Oct.), 8.7 % (Nov.), 8.5 % (Dec.), and 8.3 % (Jan.). (Source: U.S. Bureau of Labor Statistics, www.bls.gov.). If the unemployment rates were to continue to decrease following a linear model, a. predict the unemployment rate on January, 2013. b. predict when the United States would reach a zero unemployment rate.
Official unemployment rates for the U.S. population are reported on a monthly basis by the Bureau of Labor Statistics. For the period October, 2011, through January, 2012, the official unemployment rates were 8.9 % (Oct.), 8.7 % (Nov.), 8.5 % (Dec.), and 8.3 % (Jan.). (Source: U.S. Bureau of Labor Statistics, www.bls.gov.). If the unemployment rates were to continue to decrease following a linear model, a. predict the unemployment rate on January, 2013. b. predict when the United States would reach a zero unemployment rate.
Solution Summary: The author explains that a population grows linearly if in each generation the population changes by the constant amount d.
Official unemployment rates for the U.S. population are reported on a monthly basis by the Bureau of Labor Statistics. For the period October, 2011, through January, 2012, the official unemployment rates were
8.9
%
(Oct.),
8.7
%
(Nov.),
8.5
%
(Dec.), and
8.3
%
(Jan.). (Source: U.S. Bureau of Labor Statistics, www.bls.gov.). If the unemployment rates were to continue to decrease following a linear model,
a. predict the unemployment rate on January, 2013.
b. predict when the United States would reach a zero unemployment rate.
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Time Series Analysis Theory & Uni-variate Forecasting Techniques; Author: Analytics University;https://www.youtube.com/watch?v=_X5q9FYLGxM;License: Standard YouTube License, CC-BY