The number of people on payrolls in the U.S. is still 1.5 million below the number in 2008, even after a 5-year-old rally that has boosted the value of stocks by $14 trillion. A 167% advance of the Standard & Poor's 500 index during the past 57 months has been driven by reduced costs and record-low borrowing costs boosting corporate profit, analysts say. Employee compensation relative to net corporate profit is at its lowest level since 1966.

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