PF,
This is why I support demand side econ. The lies around supply side econ on this topic are incredible. And people were fooled en mas.
The labor inflation is driving most of the corporate profits inflation. The consumer base widening is incredible for corporations. The consumer and saver are returning. The Great American Middle Class is back.
The problem mostly monetary and somewhat fiscal was the over stimulation kicked in inflation in non labor input costs because demand is too strong in this period of time. We do not need corporate profits to inflate by 53.9% each year. Obviously.
Yes I do get you are using the second half of 2020 which skews the numbers too much.
The lie around supply side econ is that if labor does poorly corporate profits will be higher. That is just bloody ignorant.