NEW YORK (Thomson Financial) - Shares of staffing services companies were
broadly lower Friday after the release of disappointing government jobs data for
May.
Among the more-active stocks in the sector, Monster Worldwide shed 3.6% to
$23.27, Robert Half International dropped 2.8% to $24.72, MPS Group gave up 2.1%
to $11.28, Korn/Ferry International slid 3.7% to $17.24 and On Assignment fell
0.8% to $8.67.
Earlier, the U.S. Labor Department said May nonfarm payrolls fell by 49,000
compared with the median estimate of economists surveyed by IFR Markets of a
60,000 decline. The unemployment rate rose to 5.5%, a 4-year high, vs. an
expected 5.1%.
The report follows a surprise rise in the ADP private sector jobs survey
report release earlier in the week, and a surprise decline in weekly jobless
claims released on Thursday.
Elsewhere in the staffing sector, Manpower was down 3.7% at $64.76, Heidrick
& Struggles slipped 3.7% to $27.99 and Spherion eased 2.1% to $5.19.
Tomi Kilgore
tk1
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