The economy’s strain on the labor markets was a leading factor in Manpower Inc. reporting a 97 percent decrease in earnings for the first quarter of 2009 compared to a year earlier. Net earnings for the quarter ending March 31 were $2.3 million, or 3 cents per diluted share, compared to $75.5 million, or 94 cents per diluted share, a year earlier. The $22 billion international staffing firm also reported that revenues for the first quarter were $3.6 billion, a 32 percent decrease from last year. Manpower Inc. has a worldwide network of 4,200 offices in 82 countries and territories, with 400,000 clients per year. In the Valley, Manpower has an office in Woodland Hills. “The continued deterioration of the labor markets throughout the world has put pressure on our profitability,” said Jeffrey A. Joerres, Manpower Inc. Chairman and Chief Executive Officer. “Our team has performed well in reducing our operating costs, while at the same time maintaining the appropriate geographical presence.” The U.S. and French markets have experienced revenue stability over the last five weeks, which is the longest string of revenue stability in the U.S. in four quarters, Joerres said. “The European geography, in general, has declined and continued to do so throughout the first quarter,” Joerres said. “We anticipate that, despite the difficult economic environment, we will maintain profitability in the second quarter.” Andrea Alegria
