Today was also Q3 #NIPA day. News aren't great as #CorporateProfits rose only 0.2% q-o-q, leaving the y-o-y print at -0.8%.
Worse, domestic industries' profits fell by 4.9% y-o-y (worse drop since Q1 2017)
As a share of #GDP, pre-tax profits dropped to 9.7%.

Meanwhile, the effective US corporate #tax rate, derived from #NIPA data, dropped to a new low of 10.5%.

The ongoing sluggishness of the US corporate profit picture (according to #NIPA) could fuel anxiety among those worried about an economy-wide #MarginSqueeze, especially as unit labour costs continue to march higher.

Here's the updated chart corporate profits vs. employee compensation, as a share of US GDP.