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the reason behind the labor shortages, soaring wages

Summary:
The graph above shows the labor force participation rate has fallen, two percentage points since the pandemic, decreasing the supply of labor.  A reduction in supply increases prices (wages increased at an 8.7% annual rate) and decreases quantity.  HT:  marginalrevolution.com

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the reason behind the labor shortages, soaring wages
The graph above shows the labor force participation rate has fallen, two percentage points since the pandemic, decreasing the supply of labor.  A reduction in supply increases prices (wages increased at an 8.7% annual rate) and decreases quantity.  

HT:  marginalrevolution.com 

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