Why Use This Data Source In Your Models?
The producer price index for all commodities represents the average movement in selling prices from domestic production of all goods over time. This indicates supply and demand for goods, disposable income, and real estate prices.
PPI: All Commodities
U.S. Bureau of Labor Statistics
Producer Price Index
Index 1982=100, 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.
Further differencing is reccommended
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.45 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.73 with a p-value =0.00 indicating the data does not follow a normal distribution.
A skewness score of 2.01 indicates the data are substantially skewed.
Hartigan's dip test score of 0.02 with a p-value of 0.94 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, Producer Price Index for All Commodities [PPIACO], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PPIACO, December 15, 2019.
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