Economy fluctuations can have a major impact on Americans. When the economy is in a recession, people may have difficulty finding jobs, and wages can drop. During an economic boom, on the other hand, employment opportunities may increase, and wages may go up. In the long-term, economic fluctuations can also cause changes in the cost of living, leading to higher prices for goods and services. This can affect people's ability to save money, buy a home, and make other major purchases. Fluctuations in the economy can also have an impact on businesses, leading to closures of stores, layoffs, and a decrease in profits.
Learn how to prepare for economic downturns and survive economic distress.