A rising jobs tide isn’t lifting all boats equally.

Friday’s jobs report shouldn’t break the benign trend of sub-5% unemployment rate and improving wage growth. But the economic recovery has been uneven in the generational rivalry between millennials and baby boomers. Millennials, who surpassed boomers in sheer numbers last year, account for more than one-fourth of the nation’s population. But they are seeing relatively slower progress on the labor front.

Consider...