BUSINESS
High labor costs fuel debate at Fed about what it means for inflation
Corporate earnings rose to the largest share of national revenue in 60 years when the pandemic ended in 2021 and corporations discovered their pricing power from supply shortages and customers’ enthusiasm to spend.
Profits would exceed 15.5 cents per dollar that year and the next, 2 cents higher than the 2010–2019 average of 13.5 cents.