Wage Bill and Recession

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Wage Bill and Recession

MACRO STRATEGY

Wage Bill and Recession

Oct. 13, 2020

Despite the massive job cuts, it appears that companies’ costs are disproportionately “labor-heavy.” Firms appear to be hanging onto workers in hopes of a timely recovery. A disproportionately high share of corporate expenses remain tied up in labor; this may bode ill for a continued upward trajectory in the labor market.