This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Staffing Company Shares Fall On Jobs Report

By The Associated Press

The shares of many staffing companies sank Friday following a weak U.S. jobs report that painted a picture of a sputtering economy.

The Labor Department said that U.S. employers added just 88,000 jobs in March, the fewest in nine months and a sharp retreat after a period of strong hiring.

The unemployment rate dipped to 7.6 percent, the lowest in four years, as many people stopped looking for work. People who are out of work are no longer counted as unemployed once they stop looking for a job.

The report, which is considered the most important economic indicator each month, also said that hiring in March and April was considerably weaker than originally thought.

It was unwelcome news on the stock market as some investors saw it as a sign that the economy is heading into a weak spring. It also set a particularly bad tone for staffing companies, which rely on an overall appetite for hiring to succeed.

While most investors saw it as bad news for staffing companies, BMO Capital Markets analyst Jeffrey Silber saw some positive signs in the report for some staffing firms. He noted that seasonally adjusted temporary jobs rose 6.4 percent for March from the prior year. The analyst said that slow and steady employment growth should be good for temporary staffing, suggesting that sluggish job growth overall could increase the reliance on temporary workers.

Here's a look at how some staffing company shares fared Friday:

AMN Healthcare Services Inc.: Down 2.5 percent to $14.42.

On Assignment Inc.: Down 3.2 percent to $23.57.

ManpowerGroup Inc.: Down 3 percent to $53.38.

Robert Half International Inc.: Down 3 percent to $35.40.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs