First-quarter revenue at TrueBlue Inc. (NYSE: TBI) fell 15.6% to $465.3 million. The Tacoma, Washington-based provider of industrial staffing and RPO reported results were in line with expectations as the market slowed in the first quarter.

“Our PeopleReady business is one of the first to feel the impact from a change in macroeconomic conditions given the short duration of job assignments and project-based nature of its services,” CEO Steve Cooper said. “After experiencing the first signs of slowing demand during the second quarter last year, the underlying revenue trends at PeopleReady have been steady since October.”

TrueBlue’s other divisions, PeopleScout and PeopleManagement, followed suit with slower demand trends during the first quarter, Cooper said. He noted some clients cut back on human capital spending because of macroeconomic uncertainties, though many clients still have open positions.

He added, “We have taken actions to reduce costs in our PeopleScout and PeopleManagement businesses, and our team continues to be successful in pricing our services in a disciplined manner.”

Revenue was down across the company’s three segments: PeopleReady, an on-demand provider of general and skilled labor; PeopleScout, a provider of RPO; and PeopleManagement, a provider of on-site industrial staffing and commercial driver services.

Guidance

TrueBlue forecast second-quarter revenue will be down between 10% and 14% year over year. Gross margin is forecast to be down between 20 and 60 basis points year over year.

Share price and market cap

Shares in TrueBlue were down 16.0% to $14.52 as of 1:30 p.m. Eastern time today; they set a new 52-week low in trading today when they reached $14.20, according to FT.com. The company had a market cap of $553.8 million.