Why aren’t wages rising rapidly if there are 6 million job openings?

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Doesn’t such a large number of job openings (JOLT data is my source for this number) imply a shortage of workers, which economics tells us leads to a rise in price (wage)?

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Well, wages aren't perfectly elastic.

A company will certainly pay more for an employee if they must, but there's still a max they will pay before the perceived return on hiring the employee is no longer worth the cost.

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Employers must expect the supply to change or something so they are holding off on upping wages

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No. This isn't bread.

I might WANT to hire more people to for a particular business reason that I believe will improve my bottom line. So, quite obviously, there is a number at which hiring him is no longer beneficial to me. Then, I don't want to hire him anymore. And, I stick with my business as it stands.

Consult your sources, then get back to us with the answer.

Im in commercial construction.

Although our workload has increased, our rates we can charge have not (yet) increased. If the demand for specialty subs keeps increasing then yes we will be able to charge more.

At that point, we will be able to pay our laborers more.

A business only has so much capacity.

Check the wages in Midland Texas. Truck drivers $150K. Sonic $20 per hour. ect.

hmmm it might be because businesses did exactly what they said they would do with the windfalls from ole Donald's tax plan

Owners and corporations took their tax cuts and used them for stock buybacks instead of investing in workforce.

the one time bonuses and small raises splattered to people got across this country amounted to dick compared to what corporations received in tax welfare.

Because most things are bid in advance by six months to a year. We have a labor shortage to boot.

Until costs come up wages can't come up. It is that simple.

It’s not an instant effect. It has a lag. Market is always trying to see an equilibrium.

Employers give raises yearly not monthly based on market trends. So actual raises and when they report to collection agencies lags actual market trends. Those getting higher may be seeing increases but drowned out by whole labor pool.

some shite like price elasticity of demand causing wages to rise once demand makes it worth paying more for.

The labor market has tightened, as evidenced by headline employment and (albeit sluggish) wage growth.

But we are still sitting near 1970s-level participation rates, which is also sluggishly improving. That means there are likely a significant number of people returning to the work force that we need to churn through before the labor market is truly as tight as it’s been during historical periods of rapid wage growth.