If the numerator did not grow fast enough then it must be the denominator that shrunk faster. How could that be, I mean employers cannot just blow up people. Did employers just let their workers retire?
The next subject: the strength of the US consumer. Marc Faber noted this
The American consumer went shopping but it’s not supported by income growth. If you look at the share of labor income or salary as a percent of GDP going down, what is happening is that people are again borrowing and diminishing their savings rate and I don’t think that is very sustainable. - in GuruFocus
Wow man, the recent generation of Americans are really serial debts addict!
Let me give you the visual. See that?
It's a beautiful Saturday morning. Don't let my bearish views spoil your day, I could be wrong. Please enjoy the rest of the weekend. Cheers man, lady too! :)