Construct a scatter plot relating the unemployment rate and the job-opening (vacancy) rate for each State...

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Construct a scatter plot relating the unemployment rate and the job-opening (vacancy) rate for each State in the U.S. (in the figure each observation represents data from a single State). Compute a regression between the two variables, what do you see? Relate and explain this relationship to concepts we have seen in Week 3 in class. Pick three States. Ideally the three States are from three distinct regions of the scatterplot drawn previously. Write a small note explaining and comparing the state of the labor mar- ket in the three States. As we have done in class, start by comparing the unemployment rate and the participation rate across the three locations, then move into discussing the tightness of the labor market in terms of vacancies and unemployment. Conclude the note conjecturing on what might be different among the three States that might lead to different labor market situations. Guide 1. You can find data on the job-opening (vacancy) rate here: www.bls.gov/news.release/jltst.t01.htm 2. Data for State-level labor force and unemployment rate is here: www.bls.gov/news.release/laus.t01.htm 3. Data on population is here: www.bls.gov/lau/ex14tables.htm Construct a scatter plot relating the unemployment rate and the job-opening (vacancy) rate for each State in the U.S. (in the figure each observation represents data from a single State). Compute a regression between the two variables, what do you see? Relate and explain this relationship to concepts we have seen in Week 3 in class. Pick three States. Ideally the three States are from three distinct regions of the scatterplot drawn previously. Write a small note explaining and comparing the state of the labor mar- ket in the three States. As we have done in class, start by comparing the unemployment rate and the participation rate across the three locations, then move into discussing the tightness of the labor market in terms of vacancies and unemployment. Conclude the note conjecturing on what might be different among the three States that might lead to different labor market situations. Guide 1. You can find data on the job-opening (vacancy) rate here: www.bls.gov/news.release/jltst.t01.htm 2. Data for State-level labor force and unemployment rate is here: www.bls.gov/news.release/laus.t01.htm 3. Data on population is here: www.bls.gov/lau/ex14tables.htm