I have pointed out that, as of January, payroll spending has hardly fallen, despite the four percent drop in the number of persons on payrolls. That is, those who kept their jobs are still getting paid well.
Yesterday the U.S. Treasury reported payroll tax collections for February. As with most of the previous months, those collections exceed what they were in the previous year -- see the chart below. Thus, I do not expect much (if any) of a reduction in payroll spending in February.
This is good news if you keep your job. This is bad news if you think high employee pay encourages employers to fire people.
[technical note: tax collections are highly seasonal, so my chart shows each month as compared to the same month in the previous year].