• [WEBCAST] Mega Market Trends: Risk Is Rising → Here’s Our Investing Playbook

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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough.

If there was a cartoon (our very own Bob Rich will create one!) that made a short statement about Friday’s US Jobs Report, it would be that US Corporate Margins have achieved all they could from a margin perspective. Now they’re going to get squeezed. 

Write it down: Margin Squeeze. That’s what happens when both GDP and revenues are #slowing from their cycle peaks and wages continue to #accelerate pro-cyclically. Unlike interest rates, the almighty Fed can’t cut wages. 

CHART OF THE DAY: U.S. Corporate Earnings + U.S. Dollars - U.S. Corporate Earnings Get Reported in U.S. Dollars