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Positive News From The US

Positive News From The US
 
Shares of several staffing companies rose Friday after the U.S. Department of Labor said employers cut fewer jobs in May than economists had expected.
The Labor Department said employers cut 345,000 jobs in May, significantly less than the half-million economists predicted. But the unemployment rate surged to a higher-than-expected 9.4 percent from 8.9 percent in April, suggesting that companies are still reluctant to hire laid-off workers and new entrants to the work force.
 
Analyst Jeffrey M. Silber of BMO Capital Markets noted temporary jobs were down 26.9 percent year-over-year in May, which he said demonstrates that unemployment in the sector is getting "less worse" when compared with the 27.7 percent decline recorded in April.
 
"The worst appears to be over," he wrote in a note to investors. "While staffing stocks should react positively today, we prefer to wait for a pullback before becoming more constructive on these names."
Silber said temporary workers as a percentage of the total work force remained "roughly stable" at 1.3 percent.
 

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