I’m interested in calculating monthly unemployment rates using CPS monthly data. How would I go about calculating Standard Error (SE) estimates? Are there replicate weights that I should use? Or do I simply use WTFINL to weight my estimates?
I am sharing the relevant portions of a response from my colleague to this related post on basic monthly weights.
For basic monthly CPS samples, there are no replicate weights or sampling design information included in the public use microdata. You can still calculate standard errors by treating it as a simple weighted sample, but they will likely be slightly underestimated.
The correct person-level weight to use for most analyses using basic monthly data is WTFINL.
Great, thank you!