There are SOME industries / companies that have done very, very well over the past two years.
Some have had a disastrous two years.
Who you work for and what industry you are in will very much determine what your wage increase will be.
For example, lots of tradesmen friends now getting £220-£250 a day compared to £150-£180 a couple of years ago.
Good for them - they're skilled and have learnt their trade and have a skill that's in high demand - helped of course by a lack of qualified labour.
That comes down to a broken education system (Going back decades, not just the last few years) where kids are told it's all about academic results rather than learning a trade. That's a discussion for another time though.
You're completely correct of course but there are some industries doing well who need people with "brain skills" who are also struggling to find the right people.
I work in IT, specifically in digital access and specifically in a few niche industries which are growing like Topsy, especially after Covid when everyone is looking at getting business from younger people and those stuck at home, as well as enabling their own staff to WFH and have 24/7 availability,
People who are not offered a rise are looking around and companies are struggling to get decent people. I've been contacted by two head hunters in 2022 already (and told them where to go as I'm happy). That's not a boast - I imagine every single person on LinkedIn with similar experience has had the same.
Meanwhile other industries are in recruitment or pay freeze (or both).