Different economic theories can provide different explanations and the statement above is over-simplifying the situation (It should say 'can cause' raises). I'm not an economist. The labor theory of value (LTV) and other systems of thought would have a different take on this. Wages are not going up because various industries are bumping against hard systemic boundaries. I believe those are hard to see and not much appreciated or studied because they are not merely driven by supply and demand economics. Truckers are not being paid more because if they were, the rate-of-profit in that industry would not be sustainable anymore. But raising prices for logistics is not really an option for that industry, because as soon as you do that, other factors start to depress demand. What you end up with are maxed out industries where you either keep pay at todays levels, or go home and close shop.
It's complicated, but just 'A tight labor market causes the raises' does not even start to capture the situation. And it's not just greedy bankers that keep wages depressed. A tight labor market is not going to help increase wages. Not gonna happen because it's not seeing the whole picture.