ManpowerGroup News Release (04/20/12)

ManpowerGroup today reported that net earnings for the three months ended March 31 were $40.2 million, or 50 cents per diluted share, compared with net earnings of $35.7 million, or 43 cents per diluted share, a year earlier. Global revenues for the first quarter were $5.1 billion, similar to the prior year, up 3% in constant currency. U.S. revenues were $735.8 million for the quarter, compared with $750.9 million from the prior year and in line with analysts’ expectations. Net earnings in the first quarter were negatively impacted by 2 cents per diluted share, as foreign currencies were relatively weaker compared with the prior year period.

Jeffrey A. Joerres, ManpowerGroup chairman and chief executive officer, said, “We were able to achieve very solid profitability despite the continued headwinds of slow economic growth. Our geographic footprint, wide range of offerings, and very good expense management contributed to the strong quarter. Our work force solutions business continued to grow by solid double digits while our permanent recruitment business continues to outpace last year.”

The Conference Board News Release (04/19/12)

The Conference Board Leading Economic Index for the U.S. increased 0.3% in March to 95.7, following a 0.7% increase in February, and a 0.2% increase in January. Ataman Ozyildirim, economist at the Conference Board, says: “The LEI increased for the sixth consecutive month, pointing to a more positive outlook despite subdued consumer expectations and weakness in manufacturing new orders. Moreover, the six-month growth rate of the LEI continues to improve.”

Ken Goldstein, economist at the Conference Board, adds: “Despite relatively weak data on jobs, home building, and output in the past month or two, the indicators signal continued economic momentum. We expect a gradual improvement in growth past the summer months.”

Wall Street Journal (04/20/12) Ben Casselman; Nick Timiraos

Although new claims for unemployment benefits declined slightly to 386,000 last week from 388,000 a week earlier, according to the U.S. Department of Labor, those figures may not hold up. In fact, the job market seems to be losing the momentum it had built earlier in the year, and layoffs may be increasing once again.

However, Chris Lawson, who runs a staffing firm in Texas, says business has risen in recent months as companies have become confident about hiring, and recent signs of weakness in the jobs market haven’t tempered clients’ enthusiasm. “It’s a slow, gradual process, where we might have some steps forward and some steps back,” Lawson says. “But the vibe and the pulse that I get is that companies are hiring.”

New York Times (04/20/12) Annie Lowrey

Increasing layoffs, slowing manufacturing activity, and concerns about Europe are sparking fears that the economic recovery is headed for a springtime stall for the third year in a row. Forecasters have said that the trends point to a moderation of economic growth in the U.S., but they still expect the recovery to continue this year. The slowdown in part reflects an unusually warm winter, which pulled forward economic activity, making January and February seem artificially good and perhaps making recent weeks look worse than they truly were.

There are signs that the sharp decline in the unemployment rate—which fell to 8.2% in March from 8.9% in October—might be over, with economic growth not robust enough for employers to continue adding jobs so rapidly. In March, employers added just 120,000 new jobs, the fewest since November. The recent rise in new jobless claims has raised worries that the April report will also be disappointing, although some forecasters say the jobless-claims statistics have been affected by the timing of Easter. Economists are divided over the import of the recent slowdown, with many saying it is more likely to seem like a blip than a major change.

U.S. Department of Labor News Release (04/19/12)

The U.S. Department of Labor has announced guidance for state demonstration projects to identify innovative strategies that quickly connect unemployed workers with good jobs. Up to 10 states will be able to use administrative funding—or apply for a waiver to use Unemployment Insurance Trust Funds—to implement and evaluate programs that expedite the ability of people to return to work.

The newly released guidance provides details on the application process, activities that may be pursued, the requirements for obtaining a waiver of the withdrawal standard or methods of administration requirements in existing law, and the requirements for evaluation of the demonstration projects.