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 Below is a chart and brief excerpt from today's Early Look written by Macro Analyst Christian Drake.

Rather than try to micro-parse the extent to which this is happening at the company or industry level, it’s relatively straightforward to monitor from a macro perspective.  If nominal wage growth is rising faster than nominal gdp, then labor’s share of national income will generally be rising .. which is the same as saying that corporates share of national income is falling which is also the same as saying that margins are declining.  

CHART OF THE DAY: Labor Share of Income ↑ = Corporate Margins ↓ - CoD Labor vs Margins

CHART OF THE DAY: Labor Share of Income ↑ = Corporate Margins ↓ - early look