Economic fluctuations influence labor markets from "summary" of Labor in the Age of Finance by Sanford M. Jacoby
Economic fluctuations have a significant impact on labor markets. When the economy is doing well, businesses are more likely to hire new employees and increase wages in order to meet growing demand for their products or services. This leads to lower unemployment rates and a tighter labor market, giving workers more bargaining power when negotiating for better pay and benefits. Conversely, during economic downturns, businesses may be forced to lay off workers or freeze hiring in order to cut costs and stay afloat. This can result in higher unemployment rates and a surpl...
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