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What is cyclical unemployment?

Cyclical unemployment is the unemployment associated with the ups and downs of the business cycle. During recessions, cyclical unemployment increases and drives up the unemployment rate. During expansions, cyclical unemployment decreases and drives down the unemployment rate.

How does cyclical unemployment affect the economy?

In a recession, cyclical unemployment will tend to rise sharply. Peaks in unemployment correspond with swings in the economic cycle. If there are fewer orders for goods, firms produce less and therefore there is less demand for workers. Negative multiplier effects.

What is a cyclical industry?

A cyclical industry is a type of industry that is sensitive to the business cycle, such that revenues generally are higher in periods of economic prosperity and expansion and are lower in periods of economic downturn and contraction.

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