Study the following Excel regression output for an analysis attempting to predict the number of union members in the United States by the size of the labor force for selected years over a 30-year period from data published by the U.S. Bureau of Labor Statistics.

Analyze the computer output. Discuss the strength of the model in terms of proportion of variation accounted for, slope, and overall predictability. Using the equation of the regression line, attempt to predict the number of union members when the labor force is 110,000. Note that the model was developed with data already recoded in 1,000 units. Use the data in the model as is.

SUMMARY OUTPUT Regression Statistics Multiple R 0.798 R Square 0.636 Adjusted R Square 0.612 Standard Error 258.632 17 Observations ANOVA df SS MS F Regression 1 1756035.529 1756036 26.25 Significance F 0.00012 Residual 15 1003354.471 66890.3 Total 16 2759390 Coefficients Standard Error t Stat P-value Intercept 20704.3805 879.6067 23.54 0.00000 Total Employment -0.0390 0.0076 -5.12 0.00012