Over the past two decades, the unemployment rate in Florida has fallen and risen, with a high of 11.1 percent in the year 2010 and a low of 3.2 percent in 2006. Similarly, the unemployment rate in New York reached a low of 4.2 percent in 2001 and a high of 8.9 in 2009. As of 2014, Florida had a total of 7.82 million non-farm workers, with 1.16 million being employed in health and education services and 1.62 million working in the trade, utilities, and transportation industries. At the same time, the state’s employment to population ratio was 56.9 percent in comparison to the 65.9 percent in New York. The fluctuations experienced in the unemployment rates can be attributed to both global and local factors. Some of the local factors include labor unions, skill gap, job openings, and locality, while the main global factor is the outsourcing of jobs to global laborers, which affects the availability of jobs in the nation. Ney York City also registered a rise in the private sector jobs by 74,200 to 3,927,300 in August 2018. The greatest gains were in health and educational services (by 36,200), leisure and hospitality (by 13,400), business services (by 11,100), utilities, trade, and transportation (by 7,700), and mining, construction, and natural resources (by 5,300). The employment rates in the financial sectors remained constant, while information and manufacturing fields lost jobs by 3,300 and 1,000 respectively.
Describe parameters in relation to the measure of the Center
According to the Bureau of Labor Statistics ((BLS), the unemployment numbers in New York City are solidly average, mirroring the average unemployment rate in the US. New York City is in a pretty good place in general when compared with the whole New York. It has an unemployment rate that is eight points less than that of the New York State. Jobless rates in the New York City vary widely, with Queens and Manhattan faring the best at 5.7 percent and 5.2 percent respectively, and Bronx faring the worst at 9.3 percent. The highest unemployment rate in New York City was experienced in the early months of 2010, when it shot to 9.7 percent in both January and February that year. The unemployment rate has seen a slow but steady decline since then, hitting the lowest point in December 2014, thanks to the massive industrial growth experienced in the year. Unlike the fluctuating rates in New York City, the unemployment rates in Florida have been pretty stable. The rates remained steady since October 2017 to April 2018, holding at 3.9 percent. It was a surprise to see the rate finally get lower to 3.8 percent in May 2017. However, economists project that this rate might not be going down any further due to the growing risk of inflation, tight job market, and largely stagnant wages (FRED, 2018) .
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Description of Parameters in Relation to their Center
Stem-and-Leaf Display: Unemployment rate New York
Stem-and-leaf of unemployment rate New York N = 259
Leaf Unit = 0.10
17 4 22222223333334444
85 4 55555555666666666677777777777777777777778888888888888999999999999999
120 5 00000000000111112222333333333344444
(23) 5 5555555556 6 677777888999
116 6 0000000011111111222223333333333344444444
76 6 555555666666778
61 7 01134
56 7 56778889
48 8 011111122223333344444
27 8 555555555666667777778888999
From this stem-and leaf display of the unemployment rate in New York, we can deduce the following:
New York City Unemployment Rates Five Number Summary |
|
| Minimum | 42 Percent |
| Lower Quartile | 49 Percent |
| Median | 56 Percent |
| Upper Quartile | 65 Percent |
| Maximum | 89 Percent |
Stem-and-Leaf Display: Unemployment Rate Florida
Stem-and-leaf of Unemployment Rate Florida N = 259
Leaf Unit = 0.10
17 3 12222223333334444
60 3 5556677777777777777888888888899999999999999
93 4 000000001111122222233333334444444
(41) 4 55555556666666677777777777888888888889999
125 5 000000111122333334444444444
98 5 5556666777788899999
79 6 0000112334
69 6 566677789
60 7 002344
54 7 56889
49 8 011334
43 8 56777889
35 9 133
32 9 5789
28 10 1122344
21 10 557788999
12 11 000000122223
Florida Unemployment Rates Five Number Summary |
|
| Minimum | 31 Percent |
| Lower Quartile | 40 Percent |
| Median | 48.5 Percent |
| Upper Quartile | 59 Percent |
| Maximum | 113 Percent |
The highest unemployment rate in New York City was between 4.5 and 5.0 percent, with approximately 65 people falling in this range. The rates in New York City are well spread out from 4.0 percent to 9.0 percent. On the other hand, the highest unemployment rate in Florida falls between approximately 3.05 and 3.075 percent, with a more squeezed unemployment in comparison to New York City.
Shape of the Distribution
New York City
The histogram representing the unemployment rate in New York City is Unimodal, having one main hump at 4.5 to 5.0 percent. The histogram is asymmetrical, and it is skewed to the right.
Florida
The histogram representing the unemployment rate in Florida is bimodal, having two main hump at 3.05 to 3.075 percent and 3.075 to 4.5 percent. Similarly, the histogram is asymmetrical, and it is skewed to the right.
Presence of the Outliers
Both box plots show that the data for the unemployment rates in both New York and Florida has a right-skewed asymmetry, which eliminates the presence of outliers in the data.
