Today the U.S. Treasury Department released a report that argues against the recent narrative that there is a tight labor market that gives workers leverage. The report contends that employers are facing little competition for their workers and this lack of competition costs workers on average 15%-25% of what they would otherwise make. The report claims that lack of competition can explain why pay for a large share of the American workforce is barely higher than it was half a century ago when accounting for inflation.
See "New report by Biden Administration speaks to workforce competition", Eduardo Porter, The New York Times, March 7, 2022