What are some instances of trends and seasonal patterns in time series data?
Trends in time series data show long-term changes or patterns over time, such as increasing or decreasing values. Examples include population growth, stock market trends, or climate change. Seasonality refers to recurring patterns that follow a specific time frame, like daily, weekly, or yearly cycles. Examples comprise retail sales peaking during holidays, temperature fluctuations across seasons, or website traffic spiking during certain times of the day.
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