America’s biggest companies keep sounding the alarm on an overlooked fear that could crush profits

If you’ve forgotten to keep an eye on wage inflation, you can hardly be blamed.

After all, the market has dealt with any number of other pressure points in recent months, including the 10-year Treasury yield’s climb above the crucial 3% threshold, the prospect of a global trade war, escalating nuclear tensions in the Middle East, and good old-fashioned high valuations.

But as you’ve been distracted by that maelstrom of headwinds, corporate America has stayed focused on wage growth. And it showed as much during first-quarter conference calls.

A wide range of companies disclosed worries about having to pay more for labor — something that’s obviously great for workers but troublesome for corporations trying to grow their bottom line.

Before we get into specific examples, it’s important to take a step back and assess the conditions informing this situation.

US unemployment slipped to 3.

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