A Rise in Unemployment May Be Good for the Workforce

Sep 19, 2023ERE.net
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As the article discusses, unemployment is not always a bad thing, and sometimes it can even be beneficial to the workforce as a whole. After the Great Recession of 2008, unemployment increased dramatically, yet the decrease in wage discrepancies and an increase in job satisfaction followed as a result. Throughout U.S. history, unemployment during recessions and periods of low GDP growth have brought positive changes such as better quality jobs and improved wages among workers. Increases in unemployment can also lead to more competitive job markets, leading to better wages for ultimately better employee performances. Finally, periods of higher unemployment can lead to more job security overall, since employers need to perform better in order to compete in a job market flooded with experienced, qualified workers.