To anticipate trends in retention Kronos’ Hiring Solution divisions utilizes Bureau of Labor Statistics published job statistics of hires, separations and job openings available on the internet at http://www.bls.gov/jlt/home.htm or for raw data that we utilize at the ftp site; ftp://ftp.bls.gov/pub/time.series/jt/. We also utilize the BLS statistic of job diffusion for Total Private Non-Farm payrolls available at http://www.bls.gov/webapps/legacy/cesbtab7.htm. Job diffusion is a measure of job creation compared to job destruction.
Since there are several time series that are related we forecast the BLS time series for hiring, separation and job openings using a state space model. The state space model is appropriate for jointly modeling and forecasting several related time series that have dynamic interactions. By taking into account the autocorrelations among the whole set of variables, the state space model may give better forecasts than methods that model each series separately.
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