What to expect from the April Jobs Report

Yahoo Finance’s Julie Hyman, Myles Udland, and Brian Sozzi discuss recent economic data an outlook with Troy Gayeski, SkyBridge Co-CIO.

Video Transcript

MYLES UDLAND: Joining us now to talk more about everything going on in the markets right now is Troy Gayeski. He's the co-CIO over at SkyBridge. Troy, always great to talk with you. Let's start with a data point that you flagged for us, and we were just talking about those ADP numbers.

We're going to get the jobs report on Friday morning. Some data that you flagged, which is withholdings in tax receipts. Basically, an alternative way to look at where incomes have been. And this is yet another way to slice up, I guess, the bullish story for the US economy.

TROY GAYESKI: And so, I mean, it's nice to step back at this stage of the recovery and really evaluate where we are relative to 3, 6, 9, 12-months ago and even pre-pandemic. And withholding taxes is one of the best real time ways to see the real time impact of an expanding, accelerating labor market, in terms of, we'll probably get 750 to 1.25 million new jobs this month, combined with the massive fiscal stimulus payment, because in most states, unemployment does have withholding.

And what we say-- we're seeing so far in this quarter is about 26% quarter over quarter growth, which is more than double any record that we've seen. And so, it's really great news to see that, you know, particularly workers that were disproportionately impacted in hospitality, leisure, lodging, et cetera, retail, start to see paychecks and also benefit from the massive fiscal package that just went through.