READY SIGNAL CONTROL DATA

Civilian Labor Force Participation Rate, Total US

Why Use This Data Source In Your Models?

The labor force participation rate is the sum of all workers who are employed or actively seeking employment divided by the total noninstitutionalized, civilian working-age population in the US. This is indicative of unemployment rates and recent unemployment claims, recessions, and overall economic health.

Civilian Labor Force Participation Rate, Total US

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Automated Data Profiling

Ready Signal automatically profiles each data set and offers up suggested industry standard data science treatments to utilize with these data in your models.

Suggested Treatment:

The data shows auto correlation, seasonality and a non-normal distribution. The data should be differenced and seasonally adjusted. While the Arcsin transformation, provides the best normality, the Log variable will also perform well.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

Source:
U.S. Bureau of Labor Statistics

Release:
Employment Situation

Units:
Percent, Not Seasonally Adjusted

Frequency:
Monthly

Available Through:
09/30/2022

Suggested Treatment:

The data shows auto correlation, seasonality and a non-normal distribution. The data should be differenced and seasonally adjusted. While the Arcsin transformation, provides the best normality, the Log variable will also perform well.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

Auto Correlation Analysis:

Data shows auto correlation indicating a need for differencing

The ACF indicates 1 order differencing is appropriate.

Further differencing is reccommended

Trend Analysis:

The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.33 p-value = 0.01 indicates that the data is not stationary.

Distribution Analysis:

The Shapiro-Wilk test returned W = 0.95 with a p-value =0.00 indicating the data does not follow a normal distribution.

A skewness score of 0.74 indicates the data are moderately skewed.

Hartigan's dip test score of 0.06 with a p-value of 0.01 inidcates the data is multimodal

Statistics (Pearson P/ df, lower => more normal)

No transform
1.42
Box-cox
NA
Log_b(x-a)
1.42
sqrt(x+a)
1.42
exp(x)
2.09
arcsinh(x)
1.42
Yeo-Johnson
1.47
OrderNorm
1.67

Auto Correlation Function

Auto Correlation Function After Differencing

Partial Auto Correlation Function

Seasonal Impact

Seasonal and Trend Decompostion


Citation:

U.S. Bureau of Labor Statistics, Civilian Labor Force Participation Rate [LNU01300000], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/LNU01300000, December 18, 2019.

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