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
U.S. Bureau of Labor Statistics
Percent, Not Seasonally Adjusted
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.
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 1 order differencing is appropriate.
Further differencing is reccommended
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.33 p-value = 0.01 indicates that the data is not stationary.
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
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal and Trend Decompostion
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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