The U.S. Department of Labor gathers and publishes statistics concerning the labor market. The file WorkForce contains data on the size of the U.S. civilian noninstitutional population of people 16 years and over (in thousands) and the U.S. civilian noninstitutional workforce of people 16 years and over (in thousands) for 1984-2008. The workforce variable reports the number of people in the population who have a job or are actively looking for a job.
a. Plot the time series for the U.S. civilian noninstitutional population of people 16 years and older.
b. Compute the linear trend forecasting equation.
c. Forecast the U.S. civilian noninstitutional population of people 16 years and older for 2009 and 2010.
d. Repeat (a) through (c) for the U.S. civilian noninstitutional workforce of people 16 years and older.