But the number of job openings is at a record high, and many employers report having a hard time filling positions. Why? Some workers have retired early or found other ways to make ends meet. Others simply don’t want to return to backbreaking, low-wage shit jobs. Note that the share of people who were working or looking for work last month (the labor force participation rate) dipped to 61.6 percent, down slightly from the prior month. Participation for people in their prime working years, defined as 25 to 54 years old, also ticked down. In other words, many American workers are now engaged in the equivalent of a general strike.
As a result, employers are raising wages and offering other inducements to lure applicants. Average earnings rose 19 cents an hour in September and are up more than $1 an hour over the last year, after a series of strong monthly gains. Average hourly earnings have jumped by 4.6 percent over the last year. Corporate America wants to frame all this as a “labor shortage.” But that’s not what’s really going on. In reality, there’s a living wage shortage, a hazard pay shortage, a childcare shortage, a paid sick leave shortage, and a health care shortage – and American workers are demanding an end to all these shortages. Or they won’t return to work.