Manpower’s 1Q23 Results Show U.S. Catching Up to European Declines Quite Quickly

Apr 24, 2023 | Corporate Insights, No Bull Economics

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Based on current data & trends, Manpower (temp employer) is expecting a shallow economic slowdown or recession. However, employers are expected to hold on to their workforces to a greater degree than in the last 2 recessions.

Shift in U.S. Hiring Trends: More Specialized Roles, Delayed Decisions, and Reduced Contingent Workforce Demand

  • After months of bullish hiring in the U.S., companies across various industries are recalibrating their workforces, shifting their focus towards more intentional hiring for specialist skills & in-demand roles, delaying hiring decisions & reducing their demand for a contingent workforce.
  • In any case, employers are expected to retain their permanent workforces in a tight labor market.
  • Manpower’s U.S. segment reported the largest decline (relative to the rest of the world) during 1Q23, primarily driven by enterprise clients who are pulling back on contingent staffing because of economic concerns.
  • Management feels very good about its Latin America & Asia Pacific businesses which continue to grow. The labor markets are tight & the job opportunities are plentiful in those markets.
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