Time series data is a collection of quantities that are assembled over even

intervals in time and ordered chronologically. The time series data that I have chosen is
UNEMPLOYMENT RATE. The unemployment rate is the percent of the labor force that
is jobless. It is a lagging indicator, meaning that it generally rises or falls in the wake of
changing economic conditions, rather than anticipating them. When the economy is in
poor shape and jobs are scarce, the unemployment rate can be expected to rise. When
the economy is growing at a healthy rate and jobs are relatively plentiful, it can be
expected to fall. (Chappeloow, 2020) Unemployment rate forecast is defined as the
projected value for the number of unemployed people as a percentage of the labor
force, where the latter consists of the unemployed plus those in paid or self-
employment. The forecast variable y is sometimes also called the regressand,
dependent or explained variable. The predictor variables x are sometimes also called
the regressors, independent or explanatory variables. In gathering data, we can include
minimum wage, education level, and other significant information necessary. In addition
to that, I think we could use Unemployment Rate as the Y and poverty rate as the X.
Unemployment is very relevant now because of the COVID19 crisis we’re experiencing
that’s why the need to forecast unemployment rates is vital in order to assess and study
how many individuals have already lost livelihood in these trying times. According to
CNN Philippines, “7.3 million Filipinos jobless in April amid COVID-19 pandemic”, it is
very alarming to see situations like this as employment plays an important role in our
economy because there is a poverty decrease in every increase in employment rates.