Downtown Josh Brown

So labor, especially when you sort of compound it for productivity is

that's, you know, corporate America's biggest, for the most part, cost, which is not to say that there's not other input costs, but that's the main, I would say that the main corollary.

And so when you look at, you know, labor costs over time.

Every sector?

Yeah.

So most sectors, the vast majority of sectors, and then when you aggregate it up for the market overall,

Without a doubt.

So I think you have this unique combination of unit labor costs are in the bottom quartile of history.

Right.

So that is very rare relative to like, you know, three percent inflation.

So it's partly because wage pressure has been, you know, continued, I would say, with, you know, in conjunction with productivity advancements.

So that has the correlation to profit margins.

So the lower unit labor costs have been direct relationship.

The higher corporate profit margins usually are.

Why?

Already?

Not yet.

I would say from a proportion perspective, not yet.

Maybe that will change, but I don't think we're there yet.

Yeah.