Staffing/Employment-Services (KELYA, MAN, MWW, RHI) Take A Hit Today

Shares of staffing companies are taking a hit today as after the U.S. Labor Department reported that employers cut more jobs than forecasters expected last month. The report showed U.S. nonfarm payrolls fell 467,000 in June, which was worse than the 365,000 drop economists on average were expecting.

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would be an astonishing 16.5% in June, the highest on records dating to 1994.

It does not appear that there is a solid catalyst on the forefront that will likely to change the job picture. This news sent owners of companies like Robert Half (NYSE: RHI), Kelly Services (Nasdaq: KELYA), Manpower (NYSE: MAN) and Monster Worldwide (NYSE: MWW) looking for cover.

• Robert Half International is trading down 7% to $21.92
  
• Kelly Services is trading down 5% to $10.75
  
• Manpower is trading down 7% $40.37
  
• Monster Worldwide is trading down 9.50% to $10.87

Obama called last month's employment figures "sobering news," but said the pace of job losses is slowing and there are signs the recession is easing.

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