Heidrick & Struggles International Inc. News Release (02/26/13)

Heidrick & Struggles International Inc. on Feb. 26 announced financial results for the fourth quarter and 2012. Consolidated net revenue was $103.9 million in the fourth quarter, down 18.3% from $127.2 million in the 2011 fourth quarter. The company reported a net loss in the 2012 fourth quarter of $0.4 million, compared with a net loss of $4.1 million for the same period in 2011. Net revenue in the Americas declined $11.6 million or 16.7% year-over-year in the fourth quarter.

For all of 2012, consolidated net revenue of $443.8 million declined 15.9% (approximately 14% on a constant currency basis) from $527.8 million in 2011. Exchange rate fluctuations negatively impacted net revenue by $7.7 million. Net income for 2012 was $6.2 million, compared with a net loss in 2011 of $33.7 million. Net revenue decreased $32.1 million or 11.2% in the Americas region.

Reuters (02/26/13)

The Jacobson Group—a U.S.-based staffing firm—and ejsSearch—a London-based insurance executive search firm—have announced a worldwide merger.

Barbara Schönhofer, chief executive of ejs, will join the Jacobson Group’s executive management team as senior vice president and chief executive officer, global executive search. The merged companies will operate under the Jacobson Group brand with Greg Jacobson and Richard L. Jacobson continuing to serve as its co-chief executive officers. The merger is expected to close during the second quarter of 2013.

U.S. Bureau of Labor Statistics (02/26/13)

According to the U.S. Bureau of Labor Statistics, there were 1,328 mass layoff actions involving 134,026 workers in January, down by 181 mass layoffs from December. Of the 19 major industry sectors in the private economy, eight reported year-over-year increases in average weekly initial claims, with the manufacturing industry reporting the biggest increase and temporary help services recording the most initial claims due to mass layoffs. By region, the South had the most initial claims due to mass layoffs, and among states, California, North Carolina, Alabama, and New York were at the top of the list.

New York Times (02/27/13) Binyamin Appelbaum

Federal, state, and local governments have smaller work forces than they did just prior to the recession in 2007. Governments now employ 500,000 fewer people, and if the sequestration goes into effect as scheduled on March 1, government employment could shrink further. U.S. growth could also shrink by 1.5 percentage points this year. Tyler Cowen, an economist at George Mason University, says military contractors and personnel may find new jobs fairly easily, because unemployment rates are relatively low for well-educated employees.