Why Use This Data Source In Your Models?
Total employees in general freight trucking in MIchigan measures the number of persons 16 years of age or older working in freight trucking positions in the state of Michigan. This indicates population size and occupation opportunity.
Freight Trucking Employees MI - Not Seas Adj
U.S. Bureau of Labor Statistics
Thousands of Persons, 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 1 order differencing is appropriate.
Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.09
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.43 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.89 with a p-value =0.00 indicating the data does not follow a normal distribution.
A skewness score of -0.88 indicates the data are moderately skewed.
Hartigan's dip test score of 0.03 with a p-value of 0.53 inidcates the data is unimodal
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
Seasonal and Trend Decompostion
Federal Reserve Bank of St. Louis and U.S. Bureau of Labor Statistics, All Employees: General Freight Trucking in Michigan [SMU26000004348410001], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/SMU26000004348410001, December 15, 2019.
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