Hudson Global Reports 2014 Fourth-Quarter and Full-Year Results
Hudson Global Inc. News Release (02/26/2015)
Hudson Global Inc. reported revenues of $136.7 million in the fourth quarter of 2014, down 2.4% (up 2.8% in constant currency) from $140 million in the fourth quarter of 2013. The company reported net income of $2.7 million, compared with a net loss of $11.3 million in the year-ago quarter. Revenue for Hudson Americas totaled $11.7 million, down 4.9% from $12.3 million in the 2013 fourth quarter.
For all of 2014, the company reported revenues of $581.2 million, up 3.3% (3.5% in constant currency) from $562.6 million in 2013. The company reported a net loss of $13.2 million for 2014, compared with a net loss of $30.4 million in 2013. Revenue for Hudson Americas totaled $50.1 million for the year, down 3.5% from $51.9 million in 2013.
Jobless Claims in U.S. Make Biggest Jump Since December 2013
Bloomberg (02/26/15) Victoria Stilwell
The number of people applying for unemployment benefits in the week ended Feb. 21 rose by 31,000 to 313,000—the biggest increase since December 2013—according to the U.S. Department of Labor. Economists surveyed by Bloomberg had forecast claims of 290,000. That week’s data may have been affected by the Presidents Day holiday, which fell on Feb. 16 this year, said Brian Jones, a senior economist at Societe Generale. “The total number of people collecting benefits continues to move lower,” he noted. The four-week moving average of new claims gained 11,500 to 294,500 from the week before.
U.S. Durable-Goods Orders Rose in January
Wall Street Journal (02/26/15) Josh Mitchell
Durable-goods orders rose in January, suggesting manufacturers will increase production after a winter lull. Orders rose by 2.8%, according to the U.S. Department of Commerce. Economists polled by the Wall Street Journal had forecast orders would increase by 0.6%. Excluding the transportation category, orders rose 0.3%. Orders for nondefense capital goods—excluding aircraft—rose 0.6%.
Consumer Price Index Down 0.7% in January
Wall Street Journal (02/26/15) Eric Morath
The consumer-price index fell a seasonally adjusted 0.7% last month from December, according to the U.S. Department of Labor. Excluding energy and food, prices rose 0.2% in January. Economists polled by the Wall Street Journal had forecast a 0.6% drop in overall prices and a 0.1% increase in core prices. Consumer prices declined 0.1% in January from a year earlier, marking the first year-to-year decrease since October 2009.
T.J. Maxx Owner Lifts Worker Pay, Following Wal-Mart
Wall Street Journal (02/25/15) Chelsey Dulaney
TJX Cos., the parent of T.J. Maxx, Marshalls, and HomeGoods, announced yesterday that it will increase the pay of its U.S. hourly employees to $9 an hour by June. In 2016 employees who have been with the company for at least six months will be paid $10 an hour. The move follows similar decisions by Wal-Mart Stores Inc., Starbucks Corp., and Aetna Inc. to boost their hourly pay and suggests a potential turning point for wages, which have been stagnant since the recession.
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