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Economists consider unemployment around 5% as "full employment".

https://en.wikipedia.org/wiki/Full_employment

Hitting that is one way of measuring whether there is a labor shortage. At the moment it does happen to coincide with wage growth (which should be higher when it is more difficult to hire people).




But economists define shortage as a situation where an external mechanism (like government intervention) prevents price from rising. The fact that we are seeing wage growth says that there is not a shortage.




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