I think another aspect of it is that after 18 months or so of not having money expenses were reduced and living arrgangememts changed to reduce costs.
On the oil field side this could be housing downsizes and toy and travel reductions. Once you reach that new normal of spending you may realize that the additional pay was not bringing additional happiness. People also may have retired as well slightly less well off then they planned but it probably takes a lot to get these people back into the job market.
On the hospitality side things like moving back in with your parents instead of havi a second or part time job likely take a chunk of people out of the market or at least reduce the hours they are willing to work.
I think Covid forced people to stop spending money and that 3 initial months of no travel, not eating out, no driving to work changed peoples habits and made people aware of how much they spend. This didn’t happen everywhere but at the margins people feeling they need less money probably ties into the difficulties in finding employees.
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