Hudson Global Inc. News Release (05/01/14)

Hudson Global Inc. reported revenues of $161.9 million for the first quarter of 2014, down 2.3% (1.4% in constant currency) from $165.7 million in the first quarter of 2013. The company reported a net loss of $4.5 million, compared with a net loss of $8.2 million in the year-ago period, amounting to a reduction of 59.8%.

Hudson Americas reported revenue of $26.9 million for the first quarter of 2014, down 27.7% from $37.2 million in the first quarter of 2013. Americas’ gross margin decreased 18% in the first quarter compared with the same period last year, driven primarily by a reduction of 28% in Legal eDiscovery and 7% in information technology staffing.

Bloomberg (05/01/14) Michelle Jamrisko

The number of people applying for unemployment benefits in the week ended April 26 rose by 14,000 to 344,000, according to the U.S. Department of Labor, an unexpected increase attributed in part to seasonal adjustments around spring break and the Easter holiday. Economists surveyed by Bloomberg had forecast claims of 320,000. The four-week moving average of new claims increased by 3,000 to 320,000.

Wall Street Journal (04/30/14) Ben Leubsdorf

Labor costs increased slightly in the first quarter, suggesting persistently weak inflation. The employment-cost index rose a seasonally adjusted 0.3% in the quarter, according to the U.S. Department of Labor, down from 0.5% in the fourth quarter of 2013. Economists polled by the Wall Street Journal had forecast a gain of 0.5%. The slowdown is indicative of ongoing weakness in the labor market.

Wall Street Journal (04/30/14) Victoria McGrane; Jon Hilsenrath

Following the two-day meeting of the Federal Open Market Committee, the U.S. Federal Reserve says it will reduce its bond purchases to $45 billion per month and that economic growth is starting to pick up after the harsh winter. The Fed also will maintain its guidance on short-term interest rates, which will remain near zero for a “considerable time” after the bond buying program ends later this year.

Bloomberg Businessweek (04/30/14) Shobhana Chandra

Increasing demand for durable goods and a jump in orders, production, and employment caused Chicago-area manufacturing activity to expand in April at its fastest pace in six months. The Institute for Supply Management-Chicago Inc.’s business barometer increased from 55.9 in March to 63.0 last month, the highest reading since October. Forty-nine economists surveyed by Bloomberg had forecast the barometer would rise to 57. A reading above 50 signals expansion.