One other big factor is that the workers and the demand are no longer in the same place- some of which may be temporary. During the pandemic a lot of people at the lower rungs of the economy relocated (I know at least 20 different people in their 20s that left DC, NY, and Boston to move back with relatives during the pandemic-some could continue to remote work from there, some were furloughed and couldn’t afford to live in those cities or had to live in tiny spaces when the options to go out were limited.
So those workers left at the same time that people in the mid/high rungs decamped to vacation homes and other locations to remote work. We did that last summer and early fall and the demand in a normally sleepy area was insane.
As things start to reopen, the demand and supply for out of whack for in person locations.
That coupled with a continuing shortage of daycare, retirements, reduced immigration, and workers appetite for certain jobs is coming together. It takes time to shake out supply/demand.
So those workers left at the same time that people in the mid/high rungs decamped to vacation homes and other locations to remote work. We did that last summer and early fall and the demand in a normally sleepy area was insane.
As things start to reopen, the demand and supply for out of whack for in person locations.
That coupled with a continuing shortage of daycare, retirements, reduced immigration, and workers appetite for certain jobs is coming together. It takes time to shake out supply/demand.