The statement is false: Seasonal patterns can occur on a daily or weekly basis, not just a monthly or quarterly basis.
Seasonality is present in many time series. Seasonality refers to recurring changes. For instance, retail sales typically reach their peak around the Christmas season before declining afterward. As a result, retail sales time series often show rising sales from September through December and dropping sales in January and February.
Economic time series often exhibit seasonality. In scientific and engineering data, it is less frequent.
Seasonality must be accounted for in the time series model if it exists. This section covers methods for identifying seasonality. Seasonality modeling is postponed until later sections.
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