Avg Hourly Wage, All Private Employees - Seas Adj

Source:
U.S. Bureau of Labor Statistics

Release:
Employment Situation

Units:
Dollars per Hour, Seasonally Adjusted

Frequency:
Monthly

Available Through:
11/30/2021

Why Use:

Average hourly earnings of all private employees represents the average hourly wage rate paid to employees in the United States. This is indicative of economic health, cost of living, and supply and demand of jobs.

Suggested Treatment:

The data shows autocorrection and a non-normal distribution. The data should be differenced. While the Square Root transformation, provides the best normality, the Untransformed variable will also perform well.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

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Avg Hourly Wage, All Private Employees - Seas Adj

Auto Correction Function

Auto Correlation Function After Differencing

Partial Auto Correlation Function

Seasonal Impact

Seasonal and Trend Decompostion

Autocorrectation Analysis:

Data shows autocorrectation indicating a need for differencing

The ACF indicates 2 order differencing is appropriate.

Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.27

Trend Analysis:

The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.68 p-value = 0.01 indicates that the data is not stationary.

Distribution Analysis:

The Shapiro-Wilk test returned W = 0.95 with a p-value =0.00 indicating the data does not follow a normal distribution.

A skewness score of 0.30 indicates the data are fairly symmetrical.

Hartigan's dip test score of 0.01 with a p-value of 1.00 inidcates the data is unimodal

Statistics (Pearson P/ df, lower => more normal)

No transform
1.07
Box-cox
NA
Log_b(x-a)
1.08
sqrt(x+a)
1.06
exp(x)
4.26
arcsinh(x)
1.08
Yeo-Johnson
1.13
OrderNorm
1.34

Citation:

U.S. Bureau of Labor Statistics, Average Hourly Earnings of All Employees: Total Private [CES0500000003], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CES0500000003, December 16, 2019.

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