Consider the following excerpts fromJune 13, 2021 andJune 16, 2021 Wall Street Journal:

The rapid rise in retirements translates to fewer people available to work- meaning the labor market could hit the full employment threshold at lower levels of employment and a lower labor-force participation rate than before the pandemic. But in recent weeks, policy makers Share of population retired Over the past few months the labor have become less confident the Actual . At 2019 rates market has been recovering, as the economy can recover all the jobs lost amid the pandemic without spurring 19.75%% economy reopens. But there were still 7.6 million fewer jobs in May than inflation. Employers added fewer 19.50 before the pandemic. Because of the payrolls than expected in April and 19.25 retirement wave, the labor market May, even as the economy grew 19.00 could reach full employment before rapidly, wages rose and other 18.75 that gap has been fully made up. indicators pointed to a shortage of workers. The unemployment rate 18.50 According to the Dallas Fed, roughly also continued to fall, to a pandemic 18.25 1.5 million more people retired low of 5.8%. In part that is because during the pandemic than would 18.00 fewer people are returning to the have been expected before the onset labor force in search of work. The 17.75 of Covid-19-meaning fewer available 2018 20 number of people who are working or workers to take open jobs as the want to work is still 3.5 million shy of Source: Federal Reserve Bank of Dallas economy reopens. pation rate, at 61.6%, is down from "It is a different economy," Mr. Powell said. "We don't actually know exactly what labor-force participation will be as we go forward." Federal Reserve officials took no action following their June 15