Interesting observation from DailyJobsUpdate.com:
The growth-rate of withholding-tax collections advanced from 6.28% in March to 6.95% for April. This is the strongest growth-rate since the payroll-tax cuts expired in 2013, and it became possible to do apples-to-apples comparisons again. You really couldn’t ask for a stronger number.
Last month’s non-farm payrolls report was surprisingly weak at only 98,000 new jobs. But in light of the continued strength in the withholding data, that 98,000 should be revised upward.