The joint kernel density estimate (KDE) plots illustrate the relationship between different economic indicators and the total number of jobs, using data from the provided dataset. Here’s an analysis of each plot:
Total Jobs vs Hotel Average Daily Rate:
The plot suggests a concentration of points where the average daily hotel rate is around $250, with the highest job numbers.
This may indicate that when hotel rates are at a moderate level, it is correlated with higher employment, possibly due to balanced tourism or business travel activities.
Total Jobs vs Hotel Occupancy Rate:
The highest density is observed at occupancy rates between 0.7 and 0.9, which could suggest a positive association with total jobs.
This pattern implies that higher hotel occupancy rates, potentially indicating higher tourist or business activity, might correspond with higher employment levels.
Total Jobs vs Unemployment Rate:
The density is elongated and negatively sloped, indicating an inverse relationship between the unemployment rate and total jobs, which is expected.
As the unemployment rate decreases, the total number of jobs tends to increase.
Total Jobs vs Labor Force Participation Rate:
The plot shows a slight positive trend, with higher job numbers corresponding to a labor force participation rate mainly between 0.63 and 0.67.
This could imply that as more people participate in the labor force, it is indicative of a stronger job market.
Total Jobs vs Logan International Flights:
The density suggests a positive relationship, with a greater number of jobs associated with an increased number of international flights.
This may reflect the impact of international travel on local employment, particularly in sectors linked to travel, tourism, and possibly international business.
Total Jobs vs Logan Passengers:
Like international flights, there is a positive correlation with the number of passengers.
The highest density of job numbers coincides with passenger numbers around 3 million, indicating that air travel volume may positively influence employment figures.