I admit that is technically true, but due to their use of the word “cratered”, I was reading the phrase to mean that relatively large amounts of people have decided to no longer work (outside of those who have decided to no longer work due to aging out).

Of course, prices are set at the margin, and so if hotels (and other businesses like restaurants and retail) were used to paying the lowest pay to quality of life at work ratio, then I guess it would be accurate to say their problem is a couple million people decided to no longer work, because presumably a greater proportion of those who decided to no longer work would have been from these least desirable to work in businesses.