Each month, when the government publishes the national jobs report, Americans pick over small movements in the headline rate of unemployment. In doing so, they largely miss a crucial aspect of the U.S. jobs crisis.

Many American companies are now creating more jobs for which they can't find qualified applicants than jobs for which they can. Thus the economy faces a paradox: Too many Americans can't find jobs, yet too many companies can't fill open positions. There are too few...