TITLE:
U.S. Regional Scorecard: Comparing U.S. Regions for Selected Economic Variables
AUTHORS:
Joseph Ejike Ojih
KEYWORDS:
Economic Variables, Inflation, Warning Signals, Scheffe Test, U.S.
JOURNAL NAME:
Open Journal of Business and Management,
Vol.9 No.3,
May
13,
2021
ABSTRACT: In this
paper, the patterns of differences of some key economic variables among the
four major U.S. regions are investigated. These four regions include: Northeast, Midwest, South and West. The grouping of individual U.S.
states into these four regions is in accordance
with the U.S. Census Bureau and the U.S. Department of Commerce
classification. Two main points are explored in this study. The first one
examined and summarized the descriptive statistics of the variables for states
in these four regions. These variables and data were culled from the databases
of U.S. Census Bureau, the Bureau of
Economic Analysis (BEA), the U.S. Department of Commerce, the Bureau of Labor
Statistics, World Population Review and the U.S Department of Agriculture. The second one covered the identification of
the four regions’ similarities and dissimilarities for the identified
variables. One-way analysis of variance (ANOVA) is the statistical tool for the
testing hypothesis of four regions’ means equality. To ascertain whether the
regions that ranked the highest actually differ from another and from the remaining regions, the researcher made use of multiple comparison
procedures, specifically the Scheffe test.