If you're missing 2 million people who would happily take low wage jobs, and there are as many of those jobs to do, the price paid for that work has to go up.

That said, I suspect that the great resignation has a whole lot of impact as well. Again, reduced supply causing an increased price. (The ones who walk away from bad jobs into good ones not being as impactful as the ones who took early retirement post-COVID, accelerating a worrisome demographic trend of having lots of old people and few working age people.)