The Long-term decline of the US Job ladder (NBER)

This decline is unlikely to reflect less efficient matching, weaker labor demand, or changes in workers' acceptance behavior. Instead, cross-state variation is consistent with rising employer concentration and the growing use of noncompete agreements having curtailed opportunities for job shopping.

That implies that the lack of anti-trust enforcement has deleterious long term effects outside of those short term effects usually cited, then ignored in favor of consideration of consumer harms.

The noncompete agreement category is something Mike Masnick at TechDirt has hammered on for a long time, too.

One could also say that due to oligarchic capture of all branches of government, this is all by design.