Standards of living has improved

-General trend of increasing growth rates in real GDP and decreasing unemployment rates
-Growth in GDP shows that there is a growth in real output. Higher level of satisfaction from greater quantity of goods and services. Increases material well being, standard of living increases
-Reducing unemployment rates would imply increasing employment, cp. Household’s income will increase, increasing demand for firms’ goods and services. AD increases, output increases, quantity of goods and services consumed increases. Higher material well being. Increase in SOL.
-High employment will also increase workers’ morale which may in turn increase labour productivity. Higher labour productivity may lead to higher wages as demand for labour would have increased. Higher disposable income amongst households, and therefore higher purchasing power on goods and services. Hence, standards of living would have increased. :)

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I have forwarded to Yi Hui and Edmund who will forward to the rest of you.

~Zhongye