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KFY reports fiscal Q2

KFY results for fiscal Q2 ended October show the impact of slowing Global economy.  Rate of increase over PY falls to 7.6%.  Guidance lower than consensus.  KFY is the best managed in the industry.  RWBaird retains "Neutral" rating.

While the staffing industry is a bell weather of the economy, the Executive search industry is harder to guage, since it is a smaller number of large transactions.  But clearly growth is decelerating in all regions, especially in Europe. 

We are beginning to see more "tweaks" to Q4 guidance from Companies with Euro exposure.