Korn/Ferry International News Release (03/06/13)

Korn/Ferry International reported total revenue of $210.3 million for the fiscal third quarter of 2013, up 8% from $194.6 million during the same period last year. The global talent management solutions provider also reported net income of $9.5 million for the fiscal third quarter, down 23% from $11.7 million a year ago. Total revenue for its executive recruitment segment was $135.7 million, down 2% from $138.5 million. Its leadership and talent consulting segment reported total revenue of $43.1 million, up 48% from $29.1 million, and its Futurestep segment reported total revenue of $31.5 million, up 16% from $27 million.

American Staffing Association (03/07/13) Alexandra Karaer

The nation’s economy continued to improve, according to the Federal Reserve Board’s latest studies of regional economies (known as the “beige book” reports). Reports from 10 of the 12 Federal Reserve districts characterized economic growth as “modest” or “moderate” during the first six weeks of 2013. The Boston and Chicago districts indicated that growth was “slow” over the period. The majority of districts reported modest improvements in labor market conditions, although hiring plans were limited in many regions.

Wall Street Journal (03/07/13) Jeffrey Sparshott; Sarah Portlock

The number of U.S. workers filing new applications for unemployment benefits unexpectedly fell last week, the latest sign of a slowly improving labor market. The U.S. Department of Labor reported today that initial jobless claims decreased by 7,000 to a seasonally adjusted 340,000 in the week ended March 2. It was the third lowest number of initial claims in five years. Economists surveyed by Dow Jones Newswires had forecast 350,000 new applications for jobless benefits. The average of new claims over the past month, which smoothes out weekly volatility, fell by 7,000 to 348,750, touching its lowest level since March 2008.

Conference Board News Release (03/06/13)

The Conference Board’s Help Wanted OnLine Data Series shows a drop in online advertised job vacancies of 44,000 last month to 5.06 million, with a supply and demand rate of 2.4 unemployed per vacancy. The report indicates that online labor demand fell in 40 states, but 44 states remain above the levels reported in February 2012. Online labor demand also declined in 32 of the 52 biggest metro areas, but gains were reported in Philadelphia, New York, Cleveland, Baltimore, Houston, and Los Angeles. By occupational group, gains were seen in office and administrative support; transportation and material moving; and installation, maintenance, and repair; but declines were reported in sales and related; health care practitioners and technical; business and financial operations; and food preparation and serving-related occupations.

Dow Jones Newswires (03/07/13) Kristin Jones

Layoffs planned by U.S.-based companies increased 37% in February from the previous month, driven by job cuts in the financial sector, according to data from Challenger Gray & Christmas Inc. However, the cuts continued to be offset by more hiring. Planned hiring announcements, which represent a fraction of the actual hiring activity in the economy, totaled 92,372 in February.

U.S.-based employers in February said they planned to cut 55,356 jobs, 7% more than the same period a year ago. The financial sector accounted for 21,724 of those planned job cuts, with J.P. Morgan Chase & Co. alone saying it would reduce its headcount by 19,000 over the next two years as it trims its mortgage business in response to an improving housing market. Challenger also notes 3,000 job cuts planned by United Technologies Corp., which may foreshadow further layoffs by aerospace and defense companies as wide government spending cuts take effect.