Adecco Group News Release (03/01/12)

Adecco Group today announced results for the full year and the fourth quarter of 2011. Revenues in 2011 were EUR 20.5 billion, an increase of 10% on an organic basis. Permanent placement revenues amounted to EUR 344 million, an increase of 20% in constant currency (+18% organically). Gross profit for 2011 was EUR 3.6 billion, an increase of 7% compared with 2010.

Adecco revenues in the fourth quarter were EUR 5.2 billion, an increase of 4% in EUR and in constant currency compared with Q4 2010. Organically, revenues were up 3%. Permanent placement revenues increased 7% in constant currency to EUR 82 million. Gross profit for the fourth quarter amounted to EUR 930 million, flat compared with the fourth quarter of 2010.

In North America in the fourth quarter of 2011, Adecco generated revenues of EUR 917 million, flat in constant currency compared with Q4 2010. General staffing revenues grew by 2% in constant currency. Professional staffing revenues declined by 2% year-on-year, held back by the information technology staffing business and with the engineering and technical segment comparing against very strong growth in the fourth quarter of 2010.

Wall Street Journal Online (02/29/12) Steven Russolillo

The U.S. Federal Reserve’s beige book report largely reiterates what Fed chairman Ben Bernanke said in his Feb. 29 testimony before Congress. The economy is growing at a “modest to moderate” pace, which is in line with many of the economic assessments that have been issued in recent weeks. The beige book report also indicates that the Philadelphia- and Atlanta-area economies are expanding faster than the economies in other areas of the U.S. The Fed says labor markets are slightly improving, as are banking conditions and housing. Bernanke warned that higher gasoline prices in the short term could boost inflation temporarily, but long-term expectations for inflation “remain subdued,” he said.

Bloomberg (03/01/12) Alex Kowalski

New U.S. claims for unemployment benefits edged down last week, matching four-year lows, according to a U.S. Department of Labor report on Thursday that suggested the labor market was gaining momentum. Applications for unemployment insurance decreased 2,000 in the week ended Feb. 25 to 351,000. Economists forecast 355,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls fell, while those getting extended payments also declined. Firing is on a downward trend as employers gain confidence in the outlook for economic growth. A smaller number of layoffs also puts those companies in place to hire additional employees as demand picks up.

Associated Press (03/01/12) Christopher S. Rugaber

With the U.S. Commerce Department reporting an increase in economic growth in the fourth quarter of 2011, experts say the economy will experience modest growth associated with more robust hiring, rising incomes, and increases in consumer spending and business investment. The government also revised its estimate of income growth to reflect a 1.4% gain in inflation-adjusted income during the fourth quarter, and it indicates that incomes grew 0.7% in the third quarter instead of posting a 1.9% decline.

CBS News (02/29/12) Kristi Eaton

Unemployment in South Dakota is about half the U.S. average, and businesses there are expanding. As a result, the state is facing a worker shortage. To help remedy the problem, South Dakota Gov. Dennis Daugaard will sign legislation authorizing the state to hire ManpowerGroup to bring in 1,000 out-of-state workers and convince former South Dakota residents who left the state to return. ManpowerGroup will begin recruiting workers starting April 1, says Robert Meyer, the staffing firm’s branch manager in Sioux Falls. The staffing firm will concentrate on recruiting a broad array of workers in manufacturing, engineering, and informational technology—from unskilled workers at the production level to highly skilled welders and machinists and professionals.