U.S. labor share declined from 65 percent to 54 percent, Michael Pettis notes - Traders Union
U.S. labor share declined from 65 percent to 54 percent, Michael Pettis notes - Traders Union
Source: Traders Union
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DW NOTE
A forty-year squeeze on the American worker, now quantified. When labour's share of GDP drops 11 percentage points while asset prices treble, you're not witnessing market efficiency — you're witnessing a policy choice. Every basis point the Fed held below neutral since 2008 was a transfer from payrolls to portfolios. Pettis has been documenting this since the China shock. The number is the indictment.