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 non-institutional population of people 16 years and over (in thousands) and the U.S. civilian non-institutional workforce of people 16 years and over (in thousands) for 1984-2012. The workforce variable reports the number of people in the population who have a job or are actively looking for a job. (Data extracted from Bureau of Labor Statistics, U.S. Department of Labor, www.bls.gov)
a. Plot the time series for the U.S. civilian non-institutional population of people 16 years and older.
b. Compute the linear trend forecasting equation.
c. Forecast the U.S. civilian non-institutional population of people 16 years and older for 2013 and 2014.
d. Repeat (a) through (c) for the U.S. civilian non-institutional workforce of people 16 years and older?