The number of job additions to the U.S. Labor market has tended to historically correlate with corporate profits growth. BofAML's premise is that as the labor market begins to cool down, corporate profits will grow at a slower pace albeit with a lag. They however do not mention the effect of positive real wage growth in the current climate, which has helped to steady private sector consumption despite weakening sentiment.  Chart courtesy of BofAML
{"Image Orientation": "Horizontal (normal)", "Image ExifOffset": "38", "EXIF ColorSpace": "sRGB", "EXIF ExifImageWidth": "817", "EXIF ExifImageLength": "494"}