R/PAYEMS.R

In neverhpfilter: An Alternative to the Hodrick-Prescott Filter

#' Employment Situation
#'
#' \code{PAYEMS} All Employees: Total Nonfarm
#'
#' @section Notes:
#' All Employees: Total Nonfarm, commonly known as Total Nonfarm Payroll,
#' is a measure of the number of U.S. workers in the economy that
#' excludes proprietors, private household employees, unpaid volunteers,
#' farm employees, and the unincorporated self-employed. This measure
#' accounts for approximately 80 percent of the workers who contribute to
#' Gross Domestic Product (GDP).
#'
#' This measure provides useful insights into the current economic
#' situation because it can represent the number of jobs added or lost in
#' an economy. Increases in employment might indicate that businesses are
#' hiring which might also suggest that businesses are growing.
#' Additionally, those who are newly employed have increased their
#' personal incomes, which means (all else constant) their disposable
#' incomes have also increased, thus fostering further economic
#' expansion.
#'
#' Generally, the U.S. labor force and levels of employment and
#' unemployment are subject to fluctuations due to seasonal changes in
#' weather, major holidays, and the opening and closing of schools. The
#' Bureau of Labor Statistics (BLS) adjusts the data to offset the
#' seasonal effects to show non-seasonal changes: for example, women's
#' participation in the labor force; or a general decline in the number
#' of employees, a possible indication of a downturn in the economy. To
#' closely examine seasonal and non-seasonal changes, the BLS releases
#' two monthly statistical measures: the seasonally adjusted All
#' Employees: Total Nonfarm (FEDFUNDS) and All Employees: Total Nonfarm
#' (PAYNSA), which is not seasonally adjusted.
#'
#' The series comes from the 'Current Employment Statistics (Establishment Survey).
#'
#' The source code is: CES0000000001
#'
#' @docType data
#'
#' @usage data(PAYEMS)
#'
#' @format An \code{\link{xts}} object containing observations of All Employees: Total Nonfarm.
#'  \itemize{
#'  \item\strong{Release:} {Employment Situation}
#'  \item\strong{Seasonal Adjustment:} {Seasonally Adjusted}
#'  \item\strong{Frequency:} {Monthly}
#'  \item\strong{Units:} {Thousands of Persons}
#'  \item\strong{Date Range:} {1939-01-01 to 2021-03-01}
#'  \item\strong{Last Updated} {2021-04-02 7:44 AM CDT}
#' }
#'
#' @source U.S. Bureau of Economic Analysis \url{https://fred.stlouisfed.org/data/PAYEMS.txt}
#'
#' @examples
#' data(PAYEMS)
#' tail(PAYEMS)
#' 
#' PAYEMS_qtr <- xts::to.quarterly(PAYEMS["1947/"], OHLC = FALSE)
#' log_Employment <- 100*log(PAYEMS_qtr)
#' 
#' employ_trend <- yth_filter(log_Employment, h = 8, p = 4, output = c("x", "trend"), 
#'                            family = gaussian)
#' 
#' main <- "Log of Employment and trend"
#' plot(employ_trend, grid.col = "white", legend.loc = "topleft", main = main)
#' 
#' 
#' employ_cycle <- yth_filter(log_Employment, h = 8, p = 4, output = c("cycle", "random"), 
#'                            family = gaussian)
#' 
#' main <- "Log of Employment cycle and random walk"
#' plot(employ_cycle, grid.col = "white", legend.loc = "topright", main = main)
"PAYEMS"