The table shows the labor force and the unemployment rate for three counties in northwest Pennsylvania for

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The table shows the labor force and the unemployment rate for three counties in northwest Pennsylvania for 2010 and 2019.

2010 2019 Labor Percent Labor Percent County Force Unemployment Force Unemployment Erie 141,800 4.8 128,251 3.4 Warren 21,300 4.7 18,871 2.7 McKean 20,900 4.9 17,685 3.7

a. In 2010, the national unemployment rate was 9.3%. For 2010, compute a simple average unemployment index for the region using the national unemployment rate as the base. Interpret the simple average index.

b. In 2019, the national unemployment rate was 3.6%. For 2019, compute a simple average unemployment index for the region using the national unemployment rate as the base. Interpret the simple average index.

c. Use the data for this region of northwest Pennsylvania to create a weighted unemployment index using the Laspeyres method. Use 2010 as the base period. Interpret the index.

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Statistical Techniques In Business And Economics

ISBN: 9781260239478

18th Edition

Authors: Douglas Lind, William Marchal, Samuel Wathen

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