An unprecedented combination of high unemployment and high inflation led to a new descriptive term for the economy. That term was

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Stagflation is the combination of stagnant economic growth, high unemployment, and high inflation, which was experienced in the United States during the 1970s. It was a unique and challenging economic situation that defied traditional economic policies and led to a decade-long period of economic instability.

An Unprecedented Combination of High Unemployment and High Inflation Led