This is the longest decline from the cycle peak in the aggregate profit margin.

Interestingly this is the longest decline from the cycle peak in the aggregate profit margin. 4 and a half years of almost linear drop but been falling for 7 years! (chart courtesy of my colleague Lydia Boussour). pic.twitter.com/TKbeJcyqqg

— Gaurav Saroliya (@GauravSaroliya) September 5, 2019

For investors, profits after tax is what matters. And the jobs and growth act just made it possible to have the same after tax profits despite falling profit margins. The only "strong consumer" is the government. pic.twitter.com/rag8sNeRy9

— Dieter Meier (@DieterM34834121) September 6, 2019