Will rising labour costs hit corporate earnings?

According to recent news reports, rising labour costs are hitting profit margins and, therefore, corporate earnings. But is this true? Or is it the collapsing credit bubble which is really playing havoc with

Bloomberg is reporting, "Labor Costs Accelerate, Threatening to End U.S. Earnings Streak":

"The price of labor has taken a sudden jump and is likely to keep climbing, threatening to end the longest U.S. corporate profit boom in more than 40 years.

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