The chart below shows labor and capital shares of net income over a 92-year period, indicating the labor and capital shares are now very close to their long-run averages. The average labor share from 1929 through 2020 was 69.2 percent and the average capital share was 30.8 percent. In 2020, the labor share was 68.9 percent, and the capital share was 31.1 percent—well within historical range and far from a supposed decades long decline in labor share.
