What is Going on with the U.S. Job Market?

A two-speed recovery that's very different from last year.

From one perspective, it’s a great time to be an American worker, with job openings soaring, pay growth accelerating, and hiring booming. But underneath the positive headlines are a few odd wrinkles that should complicate our understanding of the overall state of the job market.

The big picture is that the normalization of the public health situation th…