Official unemployment rates for the U.S. population are reported on a monthly basis by the Bureau of Labor Statistics. For the period October, 2011, through January, 2012, the official unemployment rates were 8.9% (Oct.), 8.7% (Nov.), 8.5% (Dec.), and 8.3% (Jan.). (Source: U.S. Bureau of Labor Statistics, www.bls.gov.) If the unemployment rates were to continue to decrease following a linear model, (a) predict the unemployment rate on January, 2013. (b) predict when the United States would reach a zero unemployment rate.
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Official unemployment rates for the U.S. population are reported
on a monthly basis by the Bureau of Labor Statistics.
For the period October, 2011, through January, 2012, the
official unemployment rates were 8.9% (Oct.), 8.7% (Nov.),
8.5% (Dec.), and 8.3% (Jan.). (Source: U.S. Bureau of Labor
Statistics, www.bls.gov.) If the unemployment rates
were to continue to decrease following a linear model,
(a) predict the unemployment rate on January, 2013.
(b) predict when the United States would reach a zero unemployment
rate.
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