Can KNIME be used to show the employment and unemployment rate in the UK from the year 2008-2018, showing the prediction for the next year?

[mlauber71]

Hi @vickyregi, welcome to the KNIME forum

To have a look at a decision tree example with a binary/classification target you could try this example and swap the data and possibly the algorithm:

Decision Tree with all its exports – mlauber71

For a more extensive discussion about predicting numbers I have recently collected some entries.

Prediction Based on multi Variables

These discussions might give you further insights and also contain links to some workflows. Maybe the Rossmann Kaggle case comes quite close to your question. Prediction of future sales are always a challenge since you will have to put into data the drivers that would influence your future sales like holidays and moving holidays (like easter), marketing campaigns and so on. https://forum.knime.com/t/recursive-row-loop-for-sales-forecasting/12955/6?u=mlauber71 https://forum.knime.com/t/predicti…

Since this is an assignment you might want to think about your own research and contribution into this

Then one general remark. It is not so easy to predict numbers like unemployment rate or GDP just from a time series since a myriad of factors would play into that - economists and others are constantly struggling to do this.

Cf. also this debate with a example for GDP figures:

How to predict a data in a future X year

I used an example from the KNIME Example server *1) to set up a workflow that demonstrates how this could be done. I am not yet satisfied with the graphics… The principle is that you use a time window of historical GDP data (Spain) for a time window of eg 5-10 years and then keep the last 2 (or 1 or 3) years as an unknown (to be predicted). I am not sure if you could use that to predict to the year 2048 that seems like a very far stretch. The models rely on historical GDP data from the years b…