Profit Shares and Revised GDP Data

I was eagerly (okay, maybe not right word) awaiting the data revisions that accompanied the 2nd quarter GDP report that came out yesterday.One of the items that often gets substantially revised is profits. I was surprised that initial reports showed the profit share increasing slightly in 2018 from 2017. That surprised me both because I had expected a tight labor market to allow workers to reclaim some of the share they lost to capital in the weak labor market following the Great Recession an...