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Index remains in recession territory

April 18, 2008

The growth rate for the Economic Cycle Research Institute's forward-looking gauge of the U.S. economy for the week ended April 11 contracted 10.2%. ECRI's weekly leading index (WLI) level was 132.0, up from the prior period's reading of 131.9. The index and growth rate can move in opposite direct...


IGate profit up, staffing revenue down

April 18, 2008

First-quarter net income rose 71.2% at information technology services and staffing firm iGate Corp. (NASD: IGTE), the company reported today. However, revenue in its professional services division, which includes staffing firms iGate Mastech and RPOworldwide, fell 7.8%. Pittsburgh-based iGate sa...


Foreign operations fuel Manpower results

April 18, 2008

Growth in Europe and help from favorable foreign exchange rates boosted first-quarter earnings for Manpower Inc. (NYSE: MAN), the world's second-largest staffing company. Despite lower U.S. revenue, its earnings of 94 cents per diluted share beat analysts' estimate of 82 cents. "Operations like E...


South Dakota again posts lowest unemployment

April 18, 2008

South Dakota again recorded the lowest jobless rate among states in March with an unemployment rate of 2.5%, followed by Nebraska at 2.9%, the U.S. Bureau of Labor Statistics reported today. South Dakota's jobless rate has been the lowest among all states since January. It tied with Idaho for the...


Teamstaff releases preliminary results

April 18, 2008

TeamStaff Inc. (NASD: TSTF) said it today expects to report first-quarter revenue of $17.3 million in its fiscal second quarter ended March 31, 2008 and income from continuing operations of $100,000. That's up 1.8% from $17.0 million in the second quarter of the previous year and a loss from cont...


Commission clears Randstad, Vedior deal

April 17, 2008

Randstad Holding NV, the world's third-largest staffing firm, said it received clearance from the European Commission for its acquisition of Vedior NV, the fourth-largest firm. The combined company would rank as the second-largest staffing company in the world. Randstad said the approval marks an...


Buys boost TrueBlue revenue

April 17, 2008

Acquisitions propelled first-quarter revenue at industrial staffing firm TrueBlue Inc. (NYSE: TBI), but net income fell 14.9%. The company, formerly known as Labor Ready Inc., reported earnings per share of 20 cents, in-line with analysts' estimates. CEO Steve Cooper said same-branch sales fell 2...


Leading index falls 0.1%

April 17, 2008

The Conference Board reported its U.S. leading index of economic indicators rose 0.1% in March to 102. Based on revised data, the index fell 0.3% in February and also declined 0.4% in January. Five of the 10 leading indicators that make up the leading index increased in March. They were real mone...


Beige Book reports mixed trends for staffing

April 17, 2008

Staffing firms reported mixed trends in demand for labor, according to the U.S. Federal Reserve Beige Book report released Wednesday. Federal Reserve Districts in New York, Richmond VA, and Chicago said staffing agencies reported softening in demand. The Cleveland and Dallas district, however, sa...


Jobless claims rise 17,000

April 17, 2008

In the week ended April 12, the advance figure for seasonally adjusted initial unemployment claims was 372,000, an increase of 17,000, or 4.8%, from the previous week's revised figure of 355,000. The four-week moving average was 376,000, a decrease of 750 from the previous week's revised average...