Need to rebutt the bold print. The first part is my inital post.The drop in the rate of unemployment from 10.5% to 10.4% for the
city is a significant achievement. Notably, unemployment has been a
major issue in the US throughout the history. In this case,
unemployment has a major impact, not just on the welfare of the
Americans, but on the sustainability of the economy as well. As such,
any form of a decline in the local rate of unemployment would be of
significant impact to the national rate.The national unemployment rate has been fluctuating in the recent
past. Latest data show that the rate of unemployment rose from 4.3% in
July 2017 to 4.4% in August of the same year. However, the rate
significantly declined to 4.2% in September and 4.1% for the period
between October and December of the same year (US Bureau of Labor
Statistics, 2018). As compared to the 10.5% rate that the region
recorded a month ago, the rate is too high in relation to the national
value. This could have a significant impact on the national outcome.
With a rate that shows a declining trend, it is thus a significant
milestone for the city as it appears to be changing at a similar rate
to the national trend. Therefore, this is a significant change, not
just to the city, but to the whole nation as well.Great job explaining the significance of 0.1% with the
unemployment rate. I also agree that a drop in unemployment will show
that the economy is getting better and trending on a positive path.
Looking at unemployment statistics will help out leaders make sound
decisions on creating jobs that will help boost the economy. As stated
by Lind, Marchal & Wathen (2015), the level of significance will
help validate the probability of rejecting the null hypothesis. A
two-tailed test would be a useful statistical tool to use to measure
population whether it is smaller or more significant than the proposed
mean with a sample population.Reference:Lind, D.A., Marchal, W.G., & Wathen, S.A.
(2015). Statistical Techniques in Business & Economics. McGraw
-Hill Education: New York.
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