Corporate
Yet, despite high unemployment and stagnant wages, consumer spending has been resilient.
In fact, this is a trend that's been going on for a while.
In a new research note about corporate profit margins, Morgan Stanley's
"What has been peculiar to the US is that consumer spending remained strong in the face of declining wage income share," he writes.
Below is the chart he provided. Perhaps it's a combination of consumer credit and government aid.
Gerard Minack, Morgan Stanley