Jack McGinnis: Yes Jeff, I’d be happy to talk to that. I guess the way I’d say it, as we talked about in the prepared remarks, it is still a bit of a balance. We are still investing for growth and good opportunities, and Experis and perm in certain markets is still holding up fairly well, so there are areas where we continue to invest. But we are pulling back in areas where we are seeing softness, so when I look at–we talked a lot about SG&A year-over-year being up in the fourth quarter. That’s largely due to the momentum of the growth earlier in the year, when you look at year-over-year; but when we look at FTEs and headcount sequentially, we’re actually down from the end of the third quarter, so our headcount is down. If you look across the markets where we’ve made some adjustments, you can see North America would be part of that based on the trends that we’re seeing.
The U.S. and Canada, both down in headcount slightly. Across Europe, you would see, and we’ve talked about this before, some adjustments in Germany as well, in Norway as well, so reacting to some of those sectors where we’ve seen softness, like in construction in Europe, you would expect that we’re making adjustments in those parts of the business. But on an overall basis, I’d say if you think about the quarter overall, we still grew GP dollars across all brands, so that indicates that the environment still, although it’s choppy and a bit uneven and we’re certainly seeing more pressure on the Manpower side, there continues to be very good opportunity in pockets, even in Manpower in pockets, and we’ve talked about the investment in specialty.
But where there has been slowing, we are making those adjustments, and to your point about going forward, you should expect that we’re going to continue to do that. We’ll do that based on the trends that we’re seeing in the key markets, and we’ll continue to make those adjustments as we go forward. I did announce in the quarter that we did some slight restructuring. The restructuring dollars were very small on an overall basis, and that would reflect some very small right-sizing in the U.S., Latin America, in Mexico. As you would expect, we’ve done some small right-sizing there as well. In Northern Europe, in Germany and Norway, as I mentioned earlier, some slight adjustments, and in France we made some small adjustments as well, so that would capture the small restructuring we took in the quarter, and we’ll continue to monitor those trends going forward in terms of overall activity levels.
Jeff Silber: All right, that was really helpful, Jack. I appreciate it. Moving onto everybody’s favorite topic, which is taxes, I know you gave us an update on the impact of the French business tax. Is that something that we should use–I know you’re not talking about 2024, but is that a good number to use, that 29%, going forward?
Jack McGinnis: Yes, great point. The Government of France did pass the French business tax reduction as part of the budget for 2023. That’s locked in, so that will take us–we did say the 29% for the full year 2023, that does have that benefit, which is about 1.5% or so. We’ve also updated the mix of country earnings, which is part of the equation as well, which takes it to 29%. We’ll see if that ends up being maybe a tad conservative. But when we go to 2024, currently they are projecting to remove the final part of the French business tax, if that gets passed, and final confirmation of that will be in the 2024 budget when it’s approved at the end of ’23. That would be another 1.5% decrease, which would take us down further to about 27%, 27.5% for ’24.
