The relationship between changing of labor force(total labor number ) and Unemployment rate - Scholarship Essay Example

Summary

εij is the random error term which is normally distributed with mean zero and constant variance σ2.The estimate of β is 0.207 which is not significant at 5% since the p-value of 0.207 is greater than 5%level of significance.
From the results above an Adjusted R-squared:…

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The relationship between changing of labor force(total labor number ) and Unemployment rate

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Subject: Macro & Microeconomics
Type: Scholarship Essay
Level: Undergraduate
Pages: 2 (500 words)
Downloads: 2
Author: grimeskeven

Extract of sample "The relationship between changing of labor force(total labor number ) and Unemployment rate"

The relationship between changing of labor force(total labor number and Unemployment rate Table: Researched data for unemployment rate and labor forceRESULTS REGRESION MODEL> linear_2Call:lm(formula = unemployment_rate ~ labor_force1)Coefficients: (Intercept) labor_force1 5.460e+00 9.854e-06 > summary(linear_2)Call:lm(formula = unemployment_rate ~ labor_force1)Residuals: Min 1Q Median 3Q Max -1.37110 -0.48546 -0.09936 0.50767 1.79138 Coefficients: Estimate Std.

Error t value Pr(>|t|) (Intercept) 5.460e+00 2.123e-01 25.718 linear_cor Pearsons product-moment correlationdata: labor_force and unemployment_ratet = 1.2783, df = 50, p-value = 0.207alternative hypothesis: true correlation is not equal to 095 percent confidence interval: -0.09985401 0.42992268sample estimates: cor 0.177894DISCUSSIONPearsons product-moment correlation gives a value of 0.177894 as the estimate of the correlation coefficient β with a p-value of 0.

207 which is greater than 5% this is a clear indication that unemployment rate doesn’t influence the labour force at 5% level of significance.ReferenceBureau of Labour Statistics. Regional And State Employment And Unemployment — March 2015. U.S Department of Labour, 2015. Retrieved from: http//www.bls.gov/new.release/pdf/laus.pdf

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