Why Use This Data Source In Your Models?
The unemployment rate for 20 years and over measures the share of the labor force above 20 years old that is jobless in the US. This is indicative of GDP levels and long-term economic health.
Unemployment Rate: 20 Years & Over - Seas Adj
U.S. Bureau of Labor Statistics
Percent, Seasonally Adjusted
The data shows auto correlation and a non-normal distribution. The data should be differenced. While the Yeo Johnson transformation, provides the best normality, the Boxcox 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 -0.29
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.64 p-value = 0.01 indicates that the data is not stationary.
The Shapiro-Wilk test returned W = 0.90 with a p-value =0.00 indicating the data does not follow a normal distribution.
A skewness score of 0.53 indicates the data are moderately skewed.
Hartigan's dip test score of 0.05 with a p-value of 0.07 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, Unemployment Rate: 20 years and over [LNS14000024], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/LNS14000024, December 15, 2019.
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