Opinion by Heather Long: One plausible explanation for this too-good-to-be-true economy
with inflation. Companies made hefty profits because they raised prices faster than their labor and other costs.that perhaps the most surprising statistic is that workers have not gained a bigger share of the economic pie. The percent of economic output that goes toward worker compensation — the so-called labor share of the economy — has been trending down for decades.
When the labor market gets tight, such as the late 1990s, the labor share ticks up. With unemployment at 3.4 percent, the labor share should be going up. Instead,the past two years. The current level of 56 percent is not only below pre-pandemic levels; it’s back to 2014 conditions. This might help explain why most companies aren’t rushing to fire workers. Labor costs are up, but not to extreme levels.
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