what will be the impact on …
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Meghna Thapar 5 years, 2 months ago
During periods of growth, output rises, increasing the demand for labor and thereby decreasing the unemployment rate. Likewise, during periods of contraction, output declines, meaning companies need to lay off employees, which obviously increases the unemployment rate. Low unemployment means the proportion of jobs available is relatively high compared to the number of workers competing for those positions. Because fewer people are looking for work, employers have to offer higher wages to entice people to work for them, meaning incomes go up.
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