I don’t know if I would use ‘underestimated’ – I think the better word would be ‘unexpected’ or even ‘positive’.
A lot of employees decided they didn’t need to put up with shitty hourly jobs, or long commutes, or horrible bosses. Covid and forced non-working gave them a lot of time to think about it, and their situations, and let employees make a decision about their own quality of life (and tolerance for bullshit).
Another thing to factor in:
Why is the US so low on hourly, low level employees? – Fast food, cleaning, construction?
Thank Trump for that – by reducing the number of worker visas for low level employees, and by cracking down on the borders with his idiotic fence – fewer people are coming into the US to work for low wages. That’s another reason why there are millions of unfilled jobs.
Of course, that plays into the strength of the average laborer today – fewer jobs going to undocumented people means greater demand for workers already in the US – meaning more power for workers than for employers.
Another failed Trump poilicy.