ManpowerGroup Inc. (NYSE:MAN) Q2 2023 Earnings Call Transcript

Jonas Prising: As you know, our industry tends to be a leading indicator of what is then to come. We are often concurrent to an economic cycle, we later on find out was, in fact, an economic slowdown, although not apparent as it is the statistics and all of the rest are lagging the economy, so — and so our labor markets for that matter. But I think your point being that we are seeing a strong resilient labor market is exactly the reason why we would expect, for instance, perm recruitment to come down a little bit further because that strong labor market is in many markets, one of the contributing factors to continued high inflation. So we would expect labor — the broader labor market eventually to reflect what we, as a temporary staffing industry are seeing in U.S. and Europe just as we would in any normal sector.

And then ultimately, we would also expect our industry to rebound before the labor market than generally rebounds because we are also a leading indicator of a rebound. So that’s how we’re thinking about it. And I hope I’ve managed to clarify how we’re seeing it from our business perspective.

Operator: Thank you. That’s all the time we have for questions today. Thank you for your participation. This does conclude the program and you may now disconnect. Everyone, have a great day.