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Wall Street traders are anxiously waiting for the federal government’s release of the August numbers for...

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Statistics

Wall Street traders are anxiously waiting for the federalgovernment’s release of the August numbers for nonfarm payrolls.Last year month of August showed an average of 120,000 new jobswith a standard deviation of 20,000. A sample of 100 nonfarmpayrolls taken earlier in the week shows a sample mean of 117,000.Financial analysts often call such a sample mean the “whispernumber”. Conduct a hypothesis test to determine whether the whispernumber justifies a conclusion of a statistically significant changein the number of new jobs with respect to last year. Allow for 5%error in the test. The hypothesis setting for the test follows. H0: µ = 120,000 Ha : µ ≠ 120,000 a. (5pt) Conduct hypothesis testusing a critical-value approach. b. (3pt) Conduct a hypothesis testusing a p-value approach. c. (3pt) According to the statisticalanalysis you have performed above, do you think the whisper numberdoes justify a conclusion of a statistically significant change inthe number of new jobs? WHY?

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