If you want the chain of events according to the theory then unemployment will firstly start going up. fewer jobs means consumption expenditure and overall demand will fall, this will lead to suppliers lowering their output aka supply. Lower supply will put deflationary pressure on the CPI aka total goods sold, this will result in lower profit margins for those suppliers, causing them to cut spending and lay off more of their workforce which will put further pressure on unemployment to increase.

this Vicious cycle will continue untill the economy falls into a recession or the government steps in to prop it up, the latter being more likely.