Business Wire (02/03/2014)
Corporate Resource Services Inc. yesterday announced that it has acquired New Jersey-based Staff Management Group. Corporate Resource Services provides technology services to professional employer organizations and staffing companies, and offers diversified staffing, recruiting, and consulting services. The acquisition will make it one of the largest staffing providers in New Jersey.
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Wall Street Journal (02/03/14) Cynthia Lin
The Institute for Supply Management’s manufacturing purchasing managers index declined to 51.3 in January from 56.5 in December, which is the lowest reading since May 2013. Readings above 50 indicate expansion. Economists surveyed by Dow Jones Newswires had forecast a reading of 56.
The ISM new orders index fell to 51.2 in January from 64.4 in December; the January employment index declined to 52.3 from 55.8; and inventories fell to 44 from 47. However, the prices paid index rose to 60.5 in January from 53.5 in December.
Reuters (02/03/14) Jonathan Spicer
A new study by the Federal Reserve Bank of New York reveals that the employment-to-population ratio seems to exaggerate the Great Recession’s impact on the U.S. labor market and that the labor market may be closer to a full recovery than previously thought. The E/P ratio fell more than 4% from its average during the expansionary period prior to the recession and has stayed there, but when adjusted for changes to demographics, such as the mass retirement of baby boomers, researchers determined that the fact that the ratio has held steady for the past few years means the labor market has actually improved.
This indicates that mass retirement may have spurred a permanent evolution in the job market in the wake of the recession. Joseph Tracy, New York Fed executive vice president, and Samuel Kapon, senior research analyst, wrote, “The adjusted E/P rate corroborates the basic picture from the unemployment rate that the labor market has been recovering over the past few years, but that it still has a ways to go to reach a full recovery.”
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Don’t miss the ASAPro webinar “The Future of Work—Will You Have an Assignment, a Job, or a Career?” It takes place today from 3 to 4 p.m. Eastern time. Learn strategies to help prepare for technological changes that will affect the staffing industry.
All ASAPro webinars are free for ASA members, and most qualify for continuing education hours toward ASA certification renewal. To learn more and to register, visit americanstaffing.net.
Online registration is now open for the 2014 ASA Staffing Law Conference, May 21–22 in Washington, DC. Last year’s conference attracted a sold-out crowd. The upcoming event is being held in a larger venue—but it will probably sell out even earlier.
Visit americanstaffing.net today for session descriptions, travel and hotel details, and to register for the only program dedicated to the legal issues affecting the staffing and recruiting business.
The conference agenda includes a panel discussion on the Affordable Care Act’s employer mandate, a look at the U.S. Occupational Safety and Health Administration’s temporary worker safety initiative, and a preview of the upcoming congressional elections. Check out the session descriptions and register today.
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