Just because somebody upgrades a company doesn't necessarily mean you should act, but Morgan Stanley's upgrade of Robert Half today grabbed my attention for a simple reason: Temporary help seems to be where it's at.
Government job data doesn't show a lot of fulltime job growth but it is showing a steady trend of temporary hiring—and has since that number turned positive in October.
And it would appear, as companies cut costs, the shift to temporary workers is becoming more permanent.
Yet you wouldn't know it looking at the stocks of temporary work companies. They're off big from their April highs:
- Manpower down around 34 percent
- Robert Half down 39 percent
- True Blue down 31 percent
- Kforce down 21 percent
- AMN healthcare down 19 percent
- Resources Connection down about 24 percent
Each serve different parts of the market.