Societe Generale's Albert Edwards is one of many strategists who continue to warn that high corporate profit margins are unsustainable. In his latest research note, he warns that the margin squeeze is on, and that's likely to be bad news for the economy. "[A] recession seems a distant prospect in the minds of most investors," writes Edwards. "Yet one key precursor for a recession has now fallen into place. Slowing productivity growth means that unit labour costs are now running well ahead of output price inflation (see chart below). This means a margin and profits downturn is now about to unfold. That typically is a ... (full story)