A Read on Employment with Paychex
Paychex’s current client base is more confident and is starting to add employees, the payroll management company’s CEO told Cramer Tuesday.
“This is the sixth consecutive quarter in a row that we’ve seen checks per client increase,” Marty Mucci said.
Its payroll checks per client are up two percent compared to the same period last year.
The “Mad Money” host was particularly curious about Paychex’s numbers because he thinks the company gives us a good read on the jobs picture.
New business, however, is having a tougher time getting started, Mucci said. For things in the job market to improve, he thinks consumer confidence has to improve.
“Unless you have someone ready to buy your products and services, you’re not either going to start up your business or you’re not going to hire additional employees to service them,” he said. “You have to have better consumer confidence.”
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