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It's trailing off, but remember that employers are competing with government unemployment benefits. There's something called the backward bending supply curve

It's trailing off, but remember that employers are competing with government unemployment benefits. There's something called the backward bending supply curve of labor. At some point, people work fewer hours because they make enough money that more money won't affect their quality of life. Various closures, and, interestingly, labor shortages, have given people fewer ways to spend their money, lowering the inflection point of the curve.

SamuelAdams 5y ago
Also remember about 620,000 people in the US have died from Covid [1]. That's a lot of people no longer in the workforce. [1]: https://covid.cdc.gov/covid-data-tracker/#cases_totaldeaths https://covid.cdc.gov/covid-data-tracker/#cases_totaldeaths
- mmaurizi 5y ago
  Yes, but the majority of deaths has been older people, most likely not in the workforce. 30% of deaths are from 85+, 27% for ages 75-84, 21% for ages 65-74 Source: same site as you https://covid.cdc.gov/covid-data-tracker/#demographics https://covid.cdc.gov/covid-data-tracker/#demographics
- bb611 5y ago
  80% of those deaths are of people retirement age and older[1], only ~130,000 working age Americans have died of COVID. That's significant, but definitely doesn't explain the extent of worker shortages we're seeing. There are a lot of things going on, but some of them might be there are many people who are now simply willing and able to not work, because that's what they had to figure out during COVID lockdowns. 1 - https://www.cdc.gov/nchs/covid19/mortality-overview.htm https://www.cdc.gov/nchs/covid19/mortality-overview.htm
  - dragonwriter 5y ago
    > 80% of those deaths are of people retirement age and older No, 80% of them were 65 and older. For people who are 65 this year, full retirement age (as defined by Social Security) is 66 years, 4 months. And lots of people aren't able, financially, to retire ar “full" retirement age.
    - bb611 5y ago
      Social Security eligibility contributes to retirement age, but real average retirement age is ~64: https://www.sofi.com/learn/content/average-retirement-age/ https://www.sofi.com/learn/content/average-retirement-age/ Many people who are retired can't financially afford to retire, but are more willing to make changes in their consumption habits than go back to work.
- leetcrew 5y ago
  95% of those people were 50+ years old and 80% were 65 or older. while terrible, I doubt that contributes much to the labor supply.
- deleted 5y ago
  [deleted]

SamuelAdams 5y ago

Also remember about 620,000 people in the US have died from Covid [1]. That's a lot of people no longer in the workforce. [1]: https://covid.cdc.gov/covid-data-tracker/#cases_totaldeaths https://covid.cdc.gov/covid-data-tracker/#cases_totaldeaths

mmaurizi 5y ago
Yes, but the majority of deaths has been older people, most likely not in the workforce. 30% of deaths are from 85+, 27% for ages 75-84, 21% for ages 65-74 Source: same site as you https://covid.cdc.gov/covid-data-tracker/#demographics https://covid.cdc.gov/covid-data-tracker/#demographics
bb611 5y ago
80% of those deaths are of people retirement age and older[1], only ~130,000 working age Americans have died of COVID. That's significant, but definitely doesn't explain the extent of worker shortages we're seeing. There are a lot of things going on, but some of them might be there are many people who are now simply willing and able to not work, because that's what they had to figure out during COVID lockdowns. 1 - https://www.cdc.gov/nchs/covid19/mortality-overview.htm https://www.cdc.gov/nchs/covid19/mortality-overview.htm
- dragonwriter 5y ago
  > 80% of those deaths are of people retirement age and older No, 80% of them were 65 and older. For people who are 65 this year, full retirement age (as defined by Social Security) is 66 years, 4 months. And lots of people aren't able, financially, to retire ar “full" retirement age.
  - bb611 5y ago
    Social Security eligibility contributes to retirement age, but real average retirement age is ~64: https://www.sofi.com/learn/content/average-retirement-age/ https://www.sofi.com/learn/content/average-retirement-age/ Many people who are retired can't financially afford to retire, but are more willing to make changes in their consumption habits than go back to work.
leetcrew 5y ago
95% of those people were 50+ years old and 80% were 65 or older. while terrible, I doubt that contributes much to the labor supply.
deleted 5y ago
[deleted]