Resources Connection Inc. News Release (07/17/14)

Resources Connection Inc. reported revenue of $156.8 million for the fiscal fourth quarter of 2014, up 11.8% (11.6% in constant currency) from $140.2 million in the year-ago period, and $567.2 million for all of fiscal 2014, up 1.96% from $556.3 million in fiscal 2013. Net income totaled $6.9 million for the fiscal fourth quarter, up 30.2% from net income of $5.3 million in the fourth quarter of fiscal 2013, and $19.9 million for the full fiscal year, down 2.9% from net income of $20.5 million in fiscal 2013.

Conference Board News Release (07/18/14)

The Conference Board Leading Economic Index for the U.S. increased 0.3% in June to 102.2, following a 0.7% increase in May. The Coincident Economic Index increased 0.2% in June to 109.2, following a 0.3% increase in May. The Lagging Economic Index increased 0.5% in June to 124.4, following a 0.3% increase in May.

“Broad-based increases in the LEI over the last six months signal an economy that is expanding in the near term and may even somewhat accelerate in the second half,” says Ataman Ozyildirim, an economist at the Conference Board. “Housing permits, the weakest indicator during this period, reflect some risk to this improving outlook. But favorable financial conditions, generally positive trends in the labor markets, and the outlook for new orders in manufacturing have offset the housing market weakness over the past six months.”

Wall Street Journal (07/17/14) Kathleen Madigan

The U.S. economy is likely to experience disappointing growth in 2014 in the absence of a big spring bounce to follow a tough winter, according to a Wall Street Journal survey of 48 economists. Inflation-adjusted gross domestic product is expected to expand by 1.6% this year, a drastic drop from the 2.2% forecast last month.

“We were flat-lining in the first half,” says Diane Swonk of Mesirow Financial. “We are in another difficult year, instead of the ‘lift-off’ year we expected.”

Federal Reserve Bank of Philadelphia (07/17/14)

Firms responding to the Federal Reserve Bank of Philadelphia’s Business Outlook Survey indicated continued expansion in the region’s manufacturing sector in July. The diffusion index of current general activity increased from a reading of 17.8 in June to 23.9 in July. The index has remained positive for five consecutive months and is at its highest reading since March 2011. The current new orders and shipments indexes grew substantially this month, increasing 17 points and 19 points, respectively. Both unfilled order and delivery time indexes were positive for the second consecutive month, suggesting continued strengthening conditions.

The current indicators for labor market conditions also suggest improved conditions this month. The employment index remained positive, and, although it increased less than one point, it has improved for four consecutive months. The percentage of firms reporting increases in employment (24%) exceeded the percentage reporting decreases (12%). The work week index was positive for the fifth consecutive month and increased five points.

Reuters (07/17/14) Michael Flaherty

St. Louis Federal Reserve president James Bullard’s labor-market views differ from those of U.S. Federal Reserve chairman Janet Yellen. Bullard says the labor market has recovered to prerecession levels, and the government should not expect an influx of new workers. He adds that interest rates may need to be raised soon. Yellen has said there is slack in the labor market.

San Francisco Chronicle (07/17/14) Carolyn Said

Some workers are unhappy with changes made to the way TaskRabbit matches workers with assignments. The odd jobs site now uses an algorithm to match clients with contractors instead of the previous auction system that allowed workers to bid on tasks. The company says the changes make the site more efficient, but some workers say they have less control over what jobs they take. TaskRabbit representatives say most of the feedback they have received about the overhaul is positive.