That's not enough to explain the massive shortage and the government handouts dried up going on a year ago. I've read some speculation that it's because more people retired early, but I find that implausible.
It is implausible because these shortages are effecting entry-level positions by and large, not career positions that Joe Sixpack may retire early from.
I noticed this first-hand months ago when we were struggling just to find applicants, and its not like our wages aren't competitive, we start at 18.50/hr and full benefits for someone with no relevant experience and it goes up from there. But it's places like grocery stores, convenience stores, fast food places, etc. that cannot fill their staffing needs. So saying it's due to retirees is nonsense.