In the above context you would simply write the increasing inlation rate and descreasing employment opportunities.
Ascending and descending is used in a series or some kind of order.
Inflation is a cyclical phenomenon and it is appropriate to write increasing rate of inflation.
Employment is an opportunity provided by the economy and it is referred by the actual estimated number of employment generated. Usually Unemployment ratio is calculated for the work force within the age of working age.
P.S. : I am not a teacher of English, just someone who loves the language.
I dislike long words used just for their own sake. And unnecessary use of abstract nouns (like 'use' - ) hinders communication. I'd just say 'People have been caught between rising inflation [rates ?] and falling employment [rates ?]' . (Perhaps you do need 'rates' - I'm not sure.)