A huge part of the lower end of the pay scale sat home and got paid. Plus, didn't have to pay rent and couldn't get evicted. Those 2 things have ended officially, but we haven't seen the rebound yet as it takes time for the market to react. Plus, I'm sure a lot of those in that situation are convinced that the gov will come through for them again like they have been.

A couple months of reduced or no unemployment and their landlords getting to them on the list of delinquents will start pushing people back to work. Some will likely be permanently gone from the market which supply and demand will lead to improved wages for those that do come back, which will help pull more back into the labor market. As long as the gov stays out, it will eventually correct itself and find balance.

The big unknown though right now is 2+mil unskilled illegals that have entered the economy in the last 8 or so months. Small businesses, especially restaurants and unskilled trades will take the risk and hire them to survive. Adding to the unskilled, self medicating problem that existed before the pandemic. Yet, the stock market soars.......