Randstad News Release (10/30/14)

Randstad reported revenues of €4.5 billion for the third quarter of 2014, up 4% from €4.4 billion in the third quarter of 2013. Net income totaled €113 million, up 35% from €84 million.

North American revenues totaled €964.8 million, up 5% from €925.4 million in the year-ago quarter. Staffing revenues totaled €2.68 billion, up 2% from €2.65 billion on a year-to-year basis. The company reported that its U.S. staffing and in-house businesses grew by 10%, driven by strong performance in the industrial segment and a 31% increase in permanent placement fees. The US Professionals business was stable in the quarter, with improvements driven by finance and engineering. The company also noted that it will continue to add staff in markets where it believes growth will continue, specifically in the U.S. and China.

On Assignment Inc. News Release (10/29/14)

On Assignment Inc. reported revenues of $477.8 million for the third quarter of 2014, up 13.4% from $421.5 million in the third quarter of 2013. Net income totaled $22 million, up 8.9% from $20.2 million in the year-ago quarter.

Revenue totaled $306 million for Apex, up 10.5% from $276.8 million; $125.9 million for Oxford, up 17.2% from $107.4 million; $34.9 million for Physician, up 33.2% from $26.2 million; and $10.9 million for Life Sciences Europe, down 0.9% from $11 million.

Wall Street Journal (10/30/14) Nick Timiraos; Eric Morath

The U.S. economy expanded during the third quarter, despite increasing concerns about the health of foreign economies. Gross domestic product grew at a seasonally adjusted annual rate of 3.5%, according to the U.S. Department of Commerce. Economists polled by the Wall Street Journal had forecast growth at a 3.1% rate. Earlier in the year, growth was uneven. The economy grew at a 4.6% annual rate in the second quarter after it contracted at a 2.1% rate in the first quarter.

Bloomberg (10/30/14) Shobhana Chandra

The number of people applying for unemployment benefits in the week ended Oct. 25 rose by 3,000 to 287,000, according to the U.S. Department of Labor. Economists surveyed by Bloomberg had forecast claims ranging from 273,000 to 300,000. The four-week moving average of new claims fell by 250 to 281,000, the lowest since May 2000.

Wall Street Journal (10/29/14) Jon Hilsenrath

The U.S. Federal Reserve yesterday decided to end its bond-buying program, which has helped the central bank reduce the unemployment rate. “There has been a substantial improvement in the outlook for the labor market since the inception of [the] current asset-purchase program. Moreover, the [Fed] continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability,” the Fed’s policy statement said.

The statement also indicated that short-term interest rates would remain near zero for a “considerable time,” but many expect rate increases in mid-2015. However, the official statement from the central bank indicates that if the job market improves more quickly or inflation rises, rate increases could come more quickly.

Wall Street Journal (10/29/14) Beth Reinhard; Damian Paletta

Although unemployment has fallen, wages also have fallen for many employees, and a record number of people are working at temporary jobs. As a result, voters who haven’t seen the improving economy affect them positively on a personal level are angry and may take their anger out on incumbent governors on election day. Roughly 75% of Americans think the economy has permanently changed for the worse, according to a survey by Rutgers University.