You work in a government agency supervising job training programs. A research paper examines the effect of a specific job training program on hourly wages. The reported estimate of the effect (in U.S. dollars) is bµ Æ $0.50 with a standard error of 1.20. Your supervisor concludes: “The effect is statistically insignificant. The programhas no effect and should be cancelled.” Is your supervisor correct?

What do you think is the correct interpretation?