In H1 2021, the margin rate of non-financial corporations (NFC) reached unprecedented levels, at 35.2% of value added, especially in some market services where activity had previously been hampered by the health restrictions (accommodation-catering, transport, etc.). In fact, the decline in their gross operating surplus was limited by the support measures put in place (Solidarity Fund, short-time working, help with payment of contributions, etc.). In Q3, the margin rate fell back sharply, to 32.9% of value added: the rebound in economic activity was accompanied by a reduction in the take-up of short-time working and a gradual decline in the other support measures (subsidies). Then in Q4, the margin rate remained virtually stable: the decline in subsidies received during the health crisis continued, but this effect was partly offset by a slight decline in the real cost of labour per capita, as wages had risen less rapidly than prices this quarter...