I don't know if we have reached equilibrium. But I think it's more complicated when it comes to the labor market to just say "oh ok, we'll raise wages to get rid of the labor shortage." This is especially true if the shortage is in a high skilled position. For example, if there is a labor shortage in software engineers, raising wages won't help, at least not right away, because people will need to learn the skills required to do the job and maybe go to college before they can fill the shortage gap. I don't think people are sitting there saying "I need a job, but you won't pay enough so I'll stay unemployed," at least not in the higher skill fields.