JOHANNESBURG, SOUTH AFRICA, Jun. 3, 2010 (Marketwire) --
JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 06/03/10 -- www.rothmanresearch.com - The economy in the United States has so far not faltered on its track to recovery. It has gained momentum with positive readings from the manufacturing sector, shown consolidation with construction expenditures soaring to almost a 10 year high, and the service sector has been surging for the last 17 months. With a pending fundamental piece of data concerning the Institute for Supply Management's non-manufacturing index scheduled for release today, financial experts are anticipating that the index will cap 55.6 in May, higher than the readings for April 2010. Growth in the service sector is a crucial step towards recovery as this sector makes about 70% of the economy and is also a superlative indicator of the health of U.S. employment as it accounts for close to 80% of U.S. jobs with the exception of farm-workers.
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However, recovery does come with a cost for companies as they strive to be competitive especially after the level of damage the recent recession had on the U.S. economy. Cost cutting and restructuring to meet the new challenges of a changing market environment was and is still common practice throughout the different business spectrums. Western Union Co. (NYSE: WU) which falls in the Personal Services industry is currently restructuring its operations, and this will involve cutting 175 jobs worldwide, closing and scaling back of facilities and migration of 550 jobs. Whilst restructuring charges is estimated at around $80 million through 2011, the company is looking forward to save approximately $50 million at the end of 2011. Investors welcomed the news from Western union as positive.
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Another player in the personal services space that has been catching investors' attention of late is Jackson Hewitt Tax Service Inc. (NYSE: JTX) which has recently forecasted its 2010 revenue above the street estimates. Jackson Hewitt anticipates its fiscal 2010 revenue to be in the range of $211 to $214 million which beats industry projection of $193.1 million for the year. The company has also started to cut about 15% of its work force expecting to save around $5 million pretax in 2011.
*Complimentary downloadable research on Jackson Hewitt Tax Service Inc. is accessible upon registration at http://www.rothmanresearch.com/article/jtx/23557/Jun-03-2010.html
Together with the Institute for Supply Management's non-manufacturing index data, investors will be watching the much anticipated ADP National Employment Report and initial jobless claims today. Friday for its part will shed some light on the non-farm payrolls data and the U.S. unemployment data. These economic health indicator reports are highly valued by the investors' community, and they will set the trading mood for the next few days and weeks.
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