I think this is the source of the problem:
https://www.bls.gov/charts/employment-situation/civilian-lab...
Demand is coming from 100% of the population, but supply comes only from those who are working. Thanks to Covid, the supply of workers is less, but also there is a long term trend (maybe compensated for by productivity gains..)
It's interesting to compare it with this one:
https://www.bls.gov/charts/employment-situation/employment-p...
This one shows the percent of people working of employment age. This doesn't look so bad, but the people not of employment age also create demand.
IMHO, the only price that really matters is the cost of labor (no matter what they say). IMHO, because the value of money is defined by average annual salary (the real value is work, not money).