In his first Executive Decision segment of “Mad Money” Tuesday, host Jim Cramer spoke with Marty Mucci, president and CEO of payroll processor Paychex Inc. (PAYX) , for a read on the economy and its recovery.
Mucci said about 80% of small businesses are nearing the end of their stimulus benefits, but many are also reinventing themselves to survive in a Covid-19 world. Paychex is seeing strong job growth in the South and in Florida, with both residential and commercial construction improving.
Mucci also noted that new business formation has increased by 20% over last year, which is an encouraging sign as many of these new businesses are outsourcing their payroll and human resources needs.
Let’s check (no pun intended) on the charts and indicators.
In this daily bar chart of PAYX, below, we can see that prices indeed made a large outside day and lower close on Tuesday. This