1. Instructions:

• Round all percentages to the nearest tenth of a percent. For all other answers round to three decimal places.
• Make sure to show all work and provide detailed explanations when asked to do so.
• Be sure to use only the Annual Averages in your calculations, not individual months'numbers.
• Notice that the numbers of jobs are given in an abbreviated format. Each value is actually 1000 times larger than the number listed. For example, the website states there were 13406 jobs in 2008 which really means that there were 13,406,000 jobs in 2008.

National Economy

The Bureau of Labor Services has phenomenal data compiling capabilities on its site. Visit the following link to jobs numbers to aid in answering the subsequent questions:

https://www.bls.gov/webapps/legacy/cesbtab1.htm

1.After 2008, the nation began to enter into the recession. We will look atManufacturingjobs and see how they were affected by the recession.

a.For non-seasonally adjustedManufacturingjobs, identify what year the US economy hit its low point in number of jobs.(2 points)

b.FindthepercentdecreaseinnumberofManufacturingjobsfrom2008 until the low point that you identified in #1 part (a).(2 points)

2.Take a more in-depth look at theManufacturingjobs data.

a.Find the average growth rate in number of jobs per year from 2008 until the low point found in #1 part (a). Explain what this average growth rate means in the context of this problem.(4 points)

i. Assume that the pattern established in part (a) continued. Estimate how many jobs there would have been in 2017.(2 points)

How far off from the actual number is the estimate?(2 points)

Explain why these estimates differ from the actual. What actually happened with the number of jobs and the economy? In addition, explain what this process is called when you use a model to project into the future.(4 points)

b.There is a different calculation that you could do for average growth rate to predict the number of manufacturing jobs in 2017.

i.

Find the average growth rate from the lowest point from #1 part (a) to 2018. Explain what this average growth rate means in the context of this problem.(4 points)

Using the average growth rate that you just calculated, estimate how many jobs there were in 2017.(2 points)

How far off from the actual number is the estimate?(2 points)

Explain why this estimate is better than your previous estimate. In addition, explain what this process is called when you use a model to estimate a data value between two known endpoints.(4 points)

Local Economy

Let's look and see how the economy was affected at the local level through analyzing the same job type.https://www.bls.gov/eag/eag.nc_hickory_msa.htm

3.Since we know that the recession began in 2008, let's look and see how quicklythe effects were seen at the local level.

a.For non-seasonally adjustedManufacturingjobs, identify what year the local economy hit its low point in number of jobs.(2 points)

b.ForManufacturingjobs, find the percent decrease in number of jobs from 2008 until the low point that you just identified in #3 part (a)?(2 points)

4.Take a more in-depth look at theManufacturingjobs data at the local level.

a.Find the average growth rate in numbers of jobs per year from 2008 until the low point found in #3 part (a). Explain what this average growth rate means in the context of this problem.(4 points)

i.Assuming the pattern continues, estimate how many jobs there will be in 2019.(2 points)

b.Now find the average growth rate from the lowest point from #3 part (a) to 2018. Explain what this average growth rate means in the context of this problem.(4 points)

i.Assuming the pattern continues, estimate how many jobs there will be in 2019.(2 points)

c.Which estimate do you think is better? Explain why by discussing the methods you used for each calculation?(4 points)

5.Based off your answers to the previous several questions and information from the Bureau of Labor Statistics website, were manufacturing jobs more affected at the national level or local level following the recession? Compare and contrast the differences in the two levels when providing reasons and explanations to support your conclusion. Use complete sentences when justifying your answer.(5 points)

6.Has the national or local economy fully recovered from the 2008 recession in terms of manufacturing jobs? Discuss at the local and national level and use information from this lab and the Bureau of Labor Statistics to justify your answer. Make sure to use complete sentences.(5 points)