52  One way to approach this topic is to examine the share of labour in national income. Since the late 1970s, it has shown no observable trend, hovering around 64 per cent. The labour share of income rose sharply in the early 1990s when profits fell during the recession and payroll taxes rose. After this period, profits rose, and the labour share declined.
When the share of labour income in GDP is unchanged, we would expect growth in labour income to be close to the projected growth in nominal GDP.