In theory less people working means less demand, which means less of a need for labour. Places like Japan where you have had a collapsing working population for

In theory less people working means less demand, which means less of a need for labour. Places like Japan where you have had a collapsing working population for years have never seen similar spikes in job openings like the US is currently seeing, https://tradingeconomics.com/japan/job-vacancies https://tradingeconomics.com/japan/job-vacancies The US saw a crazy spike in job openings at the start of 2021 which has only recently started to show signs of cooling. So imo what we're seeing in the US is much better explained by the $2T stimulus injection that occurred at the start of 2021 than demographics. https://tradingeconomics.com/united-states/job-vacancies https://tradingeconomics.com/united-states/job-vacancies