Why Use This Data Source In Your Models?
Average hourly earnings of all private employees represents the average hourly wage rate paid to employees in the United States. This is indicative of economic health, cost of living, and supply and demand of jobs.
Avg Hourly Wage, All Private Employees - Not Seas Adj
U.S. Bureau of Labor Statistics
Dollars per Hour, Not Seasonally Adjusted
The data shows auto correlation and a non-normal distribution. The data should be differenced. While the Order Norm transformation, provides the best normality, the Yeo Johnson variable will also perform well.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
Data shows auto correlation indicating a need for differencing
The ACF indicates 2 order differencing is appropriate.
Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.27
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.62 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.93 with a p-value =0.00 indicating the data does not follow a normal distribution.
A skewness score of 0.56 indicates the data are moderately skewed.
Hartigan's dip test score of 0.02 with a p-value of 0.97 inidcates the data is unimodal
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal and Trend Decompostion
U.S. Bureau of Labor Statistics, Average Hourly Earnings of All Employees: Total Private [CEU0500000003], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CEU0500000003, December 18, 2019.
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