Absolutely. After the “Great Resignation,” where labor was tight and wages were pushed up, there was a large push in both tech and financial services to stand up offshoring operations in Chennai and Hyderabad (India), Manila (Philippines), and LATAM (primarily Mexico City, but also parts of South America) in order to avoid hiring US workers.

As others have mentioned in this thread, simply look at the unemployment rate and time to find a job for these workers. The labor force exists, companies just don’t want to pay for it or offer flexible work (RTO, which is also used to cram down labor costs). They want the control back.