The paper suggests a new test for rent-sharing in the U.S. labor market. Using an unbalanced\ud panel from the manufacturing sector, it shows that a rise in a sector's profitability leads after some\ud years to an increase in the long-run level of wages in that sector. The paper controls for workers'\ud characteristics, for industry fixed-effects, and for unionism. Lester's range of wages is estimated,\ud for rent-sharing reasons alone, at approximately 24 per cent of the mean wage.