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Cenral Tendency In The News

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Activity‭ ‬3:‭ ‬Central Tendency in the News

Arletha Skinner,‭ ‬PSY3011

NorthCentral University

Activity‭ ‬3:‭ ‬Central Tendency in the News

‭ ‬As‭ ‬the Great Recession‭ ‬jeopardized‭ ‬several finanical institutions‭ ‬or caused their outright‭ ‬collapse,‭ ‬as in the case of Lehman Brothers,‭ ‬the federal government stepped in to assist economy.‭ ‬They did this by firing the‭ ‬A.I.G‭ ‬CEO,‭ ‬handing out‭ ‬bialouts to some automobile companies‭ ‬acquiring‭ ‬banking institutions.The article by Craig Torres‭ "‬A Critique Fed Unemployment Forecast Fails to Bring Stimulus‭"‬ concerns‭ ‬the‭ ‬federal government's‭ ‬measures to improve the economy and how others view these steps.‭ ‬In this essay,‭ ‬Iwill discuss Torres‭'‬s Washington Post‭ ‬article‭ ‬and‭ ‬review its purpose,‭ ‬the data‭ ‬it‭ ‬contains,‭ ‬the measures of central tendency including examples,‭ ‬and‭ ‬whether the‭ ‬statistics‭ ‬are biased or present the‭ ‬entire‭ ‬story.‭

The type of data being examined is‭ ‬interval and ratio,‭ ‬measuring‭ ‬the order of numbers,‭ ‬as seen in the ratings of central bankers from‭ ‬2.5%‭ ‬to‭ ‬2.8%‭ (‬Torres,‭ ‬2010,‭ ‬p.‭ ‬1‭)‬.‭ ‬In another‭ ‬example,‭ ‬the article‭ ‬explains that the‭ ‬Standard and Poor's‭ ‬500‭ ‬Index‭ ‬dipped‭ ‬0.1%‭ ‬to‭ ‬1,095.17‭ ‬after falling to‭ ‬0.7%‭ (‬p.‭ ‬1‭)‬.

‭ ‬The measures of‭ ‬central tendency‭ ‬statistics in the article involve‭ ‬the growth of the economy over‭ ‬the next two years,‭ ‬and the Fed's forecast predictions‭ ‬regarding‭ ‬the unemployment rate‭ ‬in the same period.‭ ‬The measurements used to describe the central tendency of the Fed's‭ ‬predictions of the unemployment rate in‭ ‬2011‭ ‬and‭ ‬2012,‭ ‬as well as‭ ‬the‭ ‬economy's‭ ‬growth,‭ ‬are‭ ‬determined by percentages and ratios‭ ‬(Sprinthall,‭ ‬2007‭)‬.‭ ‬These‭ ‬illustrate that the‭ ‬unemployemnt rate should definitely increase,‭ ‬although‭ ‬people may not be able to‭ ‬return‭ ‬to work‭ ‬immediately‭ (‬p.‭ ‬2‭)‬.‭ ‬For example,‭ ‬the article states that‭ "[‬t‭]‬he unemployment‭ ‬rate was generally expected to remain noticeably noticeably above its long-run sustainable level for several years,‭ ‬and participants expressed concern about the extended duration of unemployment spells for a large number of workers‭" (‬Torres,‭ ‬2010,‭ ‬p.‭ ‬2‭)‬.‭ ‬Torres also discusses how policy makers will‭ ‬review‭ ‬how the economy will grow from‭ ‬3.5%‭ ‬to‭ ‬4.5%‭

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