PR Newswire (08/05/15)

CDI Corp. reported revenue of $246.8 million in the second quarter of 2015, down 13.2% from $284.3 million in the second quarter of 2014. The company reported a net loss of $0.2 million, compared with net income of $4.4 million in the year-ago quarter.

By segment, second-quarter revenue totaled $84.4 million for global engineering and technology solutions, up 0.12% from $84.3 million a year ago; $149.4 million for professional staffing services, down 19.1% from $184.7 million; $13 million for Management Recruiters International, down 15% from $15.3 million.

“The CDI leadership team remains focused on driving disciplined execution of our transformation and a turnaround of our operational performance,” said Scott J. Freidheim, chief executive officer and president. “We have a comprehensive program to drive performance improvement encompassing a large number of workstreams and initiatives.”

Business Wire (08/05/15)

Cross Country Healthcare Inc. reported revenue of $192.6 million in the second quarter of 2015, up 57% from $122.7 million in the second quarter of 2014, and up 4% on a pro-forma basis. Net income totaled $2.6 million, compared with a net loss of $3.2 million in the year-ago quarter.

Second-quarter revenue totaled $152.7 million for its nurse and allied staffing segment, up 83% from $83.2 million a year ago. Its physician staffing segment reported revenue of $29.8 million, down 1% from $30.2 million in the 2014 second quarter.

“The U.S. Supreme Court’s recent decision regarding the Affordable Care Act was also a favorable development for our industry that should contribute to our continued growth,” said William J. Grubbs, president and chief executive officer. “I remain very optimistic about our performance and the trends in the business.”

CDI Corp. News Release (08/05/15)

CDI Corp. has announced that CDI and two corporate partners have signed a memorandum of understanding to join forces and deliver capabilities to Congruent Talent, a newly formed minority-owned company. Congruent Talent will provide U.S. companies with skilled technical and professional information technology and engineering talent. Acro Service Corp., Mastech Inc., and CDI will partner with Congruent Talent. Additionally, CDI will own a 49% interest in Congruent Talent.

Wall Street Journal (08/05/15) Jeffrey Sparshott

The U.S. service sector in July grew at the greatest pace since the recession, according to the Institute for Supply Management. The ISM’s nonmanufacturing purchasing managers index climbed to 60.3 in July from 56.0 in June, the highest level since the composite index was launched in January 2008.

Key components of the index, which were tracked as far back as the 1990s, reached their highest levels in 10 years. New orders rose to 63.8 from 58.3 in June, and employment climbed to 59.6 from 52.7.

Challenger, Gray & Christmas Inc. News Release (08/06/15)

Monthly job cuts climbed to the highest level in nearly four years, as U.S. employers announced plans to shed 105,696 workers from their payrolls in July, according to Challenger, Gray & Christmas Inc. The July total is 136% greater than the 44,842 job cuts recorded in June. It is 125% higher than the same month a year ago, when planned workforce reductions totaled 46,887.

The July surge brings the year-to-date job cut total to 393,368, which is 34% higher than the 292,921 cuts announced in the first seven months of 2014. More than half of the July job cuts were the result of massive troop and civilian workforce reductions announced by the U.S. Army. The cutbacks will eliminate 57,000 from government payrolls over the next two years.

MarketWatch (08/06/15) Jeffry Bartash

The number of people who applied for unemployment benefits rose by 3,000 to 270,000 in the week ended Aug. 1, according to the U.S. Department of Labor. The figures mirrored those expected by economists surveyed by MarketWatch. The average of new claims over the past month fell by 6,500 to a seasonally adjusted 268,250, the lowest level since mid-May.

Los Angeles Times (08/05/15) Daina Beth Solomon

Microsoft has announced that it is enhancing its paid leave time for new parents. The software company has said that it will begin offering 12 weeks of paternity and maternity leave with full pay.