The Zacks Analyst Blog Highlights: Cross Country, Kelly Services, Howard, Meridian And American International
Zacks Investment Research | Jul 08, 2019 10:07PM ET
For Immediate Release
Chicago, IL –July 9, 2019 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Cross Country Healthcare, Inc. (NASDAQ:CCRN) , Kelly Services, Inc. (NASDAQ:KELYA) , Howard Bancorp, Inc. (NASDAQ:HBMD) , Meridian Bancorp, Inc. (NASDAQ:EBSB) and American International Group, Inc. (NYSE:AIG) .
Here are highlights from Monday’s Analyst Blog:
U.S. Jobs Growth Roars Back: Winners and Losers
U.S. job growth has been healthy in the first half of 2019, with job additions rebounding in June from a weak May. The strength in the labor force implies that there is no pressing requirement for the Fed to trim interest rates in the near term to support economic expansion. Nevertheless, here’s a rundown on the strong job growth’s big winners and losers —
Hiring Rebounds in June
Despite worries about employment growth, the United States added a heartening 224,000 jobs last month, way higher than analysts’ expectations of 170,000 jobs, per the Labor Department. Such stellar job additions calmed nerves about the health of the economy, which has now entered its 11th year of expansion. It’s worth pointing out that May’s job additions of 72,000 raised doubts about the current state of the economy.
Nonetheless, hiring last month was widespread, defying disputes between the United States and its trading partners as well as slowdown in global economic growth that affected American exports and dented businesses and consumer confidence.
Professional and business services added 51,000 new jobs, while health care saw another 35,000 job addition. Transportation and warehousing added 24,000 jobs. Meanwhile, construction added 21,000 and manufacturing saw another 17,000 jobs added, way higher than its 2019 monthly average of 8,000.
Unemployment rate, by the way, edged up to 3.7% from 3.6% but is still near a 50-year low. The U-6 rate ticked up to 7.2%. However, the rate of underemployment rate is below where it was a few years back.
Staffing Stocks to Make the Most of a Strong Jobs Report
The latest job additions bode well for staffing companies. Additionally, the Conference Board’s Employment Trends Index rose to a reading of 111.63 in May from April’s 110.21 level. Gad Levanon, Chief Economist, North America, at the Conference Board added that “the Conference Board’s Employment Trends Index increased in May, more than reversing the declines in March and April.”
Given the buoyancy in the staffing space, investors can bet on Cross Country Healthcare, Inc. and Kelly Services, Inc. Cross Country Healthcare, in particular, provides healthcare staffing, recruiting, and workforce solutions in the United States. The company currently has a Zacks Rank #1 (Strong Buy). The stock’s expected earnings growth rate for next year is a whopping 260%, way higher than the Original post
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