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

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.