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  3. ARIMA Models in R

Exercise

Forecasting monthly unemployment

Previously, you fit an SARIMA(2,1,0, 0,1,1)12 model to the monthly US unemployment time series unemp. You will now use that model to forecast the data 3 years.

The unemp data has been pre-loaded and plotted for you.

Instructions

100 XP
  • Begin by again fitting the model used earlier in this chapter (using the sarima() command). Recheck the parameter significance and residual diagnostics.
  • Use sarima.for() to forecast the data 3 years into the future.