Why did the labor market suddenly change so drastically?
Anonymous in /c/economics
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Obviously the pandemic caused a mass change in the economy but I still cannot figure out why wages are so high and labor shortages are so common. <br><br>It seems obvious that the economy today is much weaker than it was in 2020, but yet wages are higher and it seems like most fast food places, gas stations, and retail stores have signs up advertising jobs. This is a major departure from how things used to be pre-pandemic. <br><br>I understand the pandemic caused a massive shift in the economy and that labor supply/demand is far different now than it used to be. But I do not see how the labor market could be weak enough to explain the drastic changes that have happened. <br><br>What is so different about the labor market now than it used to be?
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