Here's something worth paying attention to: the share of US GDP flowing to workers as wages and salaries just hit its lowest point since records began in 1947. We're talking 53.8% in Q3 2025. That's a pretty stark drop when you consider labor share spiked up in 2020—pandemic-era wage pressures were real. But since then? It's been sliding steadily downward. What does this mean? Companies are capturing a bigger slice of economic output relative to what workers are taking home. This kind of shift matters beyond just labor economics—it shapes consumer spending power, debt cycles, and eventually, broader market dynamics. When wage growth lags productivity gains and capital gains accumulate at the top, you start seeing divergences that echo through different asset classes. Worth monitoring if you're thinking about macroeconomic headwinds or tailwinds ahead.