Volt Information Sciences News Release (06/10/15)
Volt Information Sciences Inc. reported revenues of $385.2 million in the second quarter of fiscal 2015, down 11.7% from $436.1 million in the second quarter of fiscal 2014. The company recorded a net loss of $6.9 million, compared with a net loss of $3.5 million in the year-ago quarter. Staffing Services revenue totaled $362.3 million, down 10.9% on a year-to-year basis from $406.7 million.
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.
U.S. Bureau of Labor Statistics (06/09/15)
The number of job openings rose to 5.4 million on the last business day of April, the highest since the series began in December 2000, according to the U.S. Bureau of Labor Statistics. The number of hires was little changed at 5.0 million in April and the number of separations was little changed at 4.9 million. Within separations, the quits rate was 1.9% and the layoffs and discharges rate was 1.3%, both little different from the previous month.
Over the year, job openings were added in many industries, with the largest increases occurring in professional and business services and in health care and social assistance.
Bloomberg (06/09/15) Craid Torres; A. Catarina Saraiva
Economists say there is about a 40% chance the U.S. Federal Reserve will hold off on raising interest rates until after September if job gains falter or inflation does not move toward the Fed’s 2% goal, according to a survey by Bloomberg News. Economists responding to the survey said the likelihood of a September increase is 50%. They forecast odds of a rate increase at 9% for October, 20% for December, and 10% for some time in 2016.
More than two thirds of economists surveyed said unemployment will have to fall into a range of 4.5% to 5% to push gains in average hourly earnings up to the 3% level. Hourly earnings for production and nonsupervisory employees have averaged 2.1% during the current expansion, which began in June 2009, compared with 3.1% in the previous expansion. Fed officials say low wage growth is an indication of slack in the labor market.
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ASA and Inavero, the association’s satisfaction survey partner, will present the second ASA State of the Industry webinar of 2015 on Tuesday, June 23, 3–4 p.m. Eastern time.
Get an exclusive first look at the results of a new ASA survey on workforce trends, as well as an update on staffing industry employment and sales. Hear from ASA general counsel Stephen Dwyer, who will talk about federal and state legislation that may affect your business. Plus, get current industry insights from Peter Dameris, president and chief executive officer of On Assignment Inc., who will participate in a question-and-answer segment.
All ASA 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.
Looking for near real-time data on staffing industry employment? The ASA Staffing Index reports weekly changes in temporary and contract employment. The data lets you compare your company with national trends.
All U.S. staffing firms are invited to participate in the ASA Staffing Index survey. Every Tuesday, participants receive an email with the results of the weekly survey, including index value changes by company size. There are no fees for participating in the survey.
Sign up today to participate in the two-question ASA Staffing Index survey and receive the most up-to-date information about the staffing industry. For more information about the index, visit americanstaffing.net.
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