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Editor's Note: Below is a chart and excerpt from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to subscribe.  

CHART OF THE DAY: Strong Income Growth? Think Again - EL CoD1 Income Growth

"... At the aggregate level, total labor income is just the product of aggregate hours and earnings. As can be seen in the 1st Chart of the Day below, if we do that exercise with the October employment report, income growth was largely flat sequentially despite the big sequential increase in net payroll gains and the acceleration in hourly earnings.

 

Flattish income growth is what we should expect to see when the official data is reported on 11/25."