You're seeing demographics at work, rather than the upthread theory of "demand destruction." If you look specifically at the prime-age labor force participatio

You're seeing demographics at work, rather than the upthread theory of "demand destruction." If you look specifically at the prime-age labor force participation rate (25-54 years, https://fred.stlouisfed.org/graph/?g=15nxN https://fred.stlouisfed.org/graph/?g=15nxN), the current figures match pre-pandemic highs, which in turn match the 2004-7 level (pre-financial crisis).