07/03/18 08:27 AM EDT

CHART OF THE DAY: Small Business Compensation Hits All-Time High

Christian Drake

Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look.

NFIB Small Business Compensation = 35 level on the Index = All-Time high

Context: An all-time high on the Small Business Compensation series may not be what it used to be on a nominal basis, but it’s difficult to argue it’s not directionally indicative.

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