Its complicated. Many are simply jumping ship to get a raise elsewhere. Many are boomers who are just retiring. Some are going to stay at home parent while their spouse got a big raise for jumping ship.

There are plenty of cases where new hires are being paid equal to or more than long term employees, that will push the long term employees to look elsewhere real fast

During these times there are also a number of start ups from people who see a hole in the recently changed market.