Q4 2008

Manpower Employment Outlook Survey United States
A Manpower Research Report

Manpower Employment Outlook Survey United States

Contents United States Employment Outlook
Regional Comparisons Sector Comparisons

Global Employment Outlook
International Comparisons – Americas International Comparisons – Asia Pacific International Comparisons – EMEA

About the Survey About Manpower

Q4/08
1 13 22 23

United States Employment Outlook
More than 14,000 interviews have been conducted with employers across the United States to measure anticipated employment trends between October and December 2008. All participants were asked, “How do you anticipate total employment at your location to change in the three months to the end of December 2008 as compared to the current quarter?”
Increase % 22 26 26 22 27 Decrease % 13 10 9 12 9 4th Quarter 2008 3rd Quarter 2008 2nd Quarter 2008 1st Quarter 2008 4th Quarter 2007

Among U.S. employers surveyed, 22% foresee an increase in hiring activity, and 13% expect a decline in staff levels during Quarter 4 2008. Fifty-nine percent anticipate no change in the hiring pace, while 6% are undecided about their October – December hiring plans. When seasonal variations are removed from the data, the results show that employers expect a slight decrease in hiring when compared to Quarter 3 2008. The fourth quarter Net Employment Outlook for the United States is considerably weaker than one year ago at this time. Please note that throughout this report, the figure used in all graphs is the ‘‘Net Employment Outlook.’’ This figure is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers that expect to see a decrease in employment at their location in the next quarter.

No Change % 59 58 60 60 58

Don’t Know % 6 6 5 6 6

Net Employment Outlook % 9 16 17 10 18

Seasonally Adjusted % 9 12 14 17 18

35 30 25 20 15 10 5 0 -5 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

The results of the Manpower Employment Outlook Survey in the United States include Puerto Rico.

1

Manpower Employment Outlook Survey United States
Employers in six of the 10 industry sectors surveyed anticipate a slight decrease in hiring plans compared to three months ago, according to seasonally adjusted survey results. For Quarter 4 2008, employers in the Durable and Non-Durable Goods Manufacturing, Transportation/Public Utilities, Wholesale/Retail Trade, Finance/Insurance/Real Estate and Services sectors expect a decrease, while Construction, Education and Public Administration foresee a similar hiring pace compared to Quarter 3 2008. Mining is the only sector where employers expect to increase hiring.
Increase % Construction Education Finance, Insurance & Real Estate Manufacturing – Durables Manufacturing – Non-Durables Mining Public Administration Services Transportation & Public Utilities Wholesale & Retail Trade 15 24 15 23 19 27 15 22 20 29 Decrease % 22 9 12 16 14 3 14 11 10 13

According to seasonally adjusted survey results, employers in nine of the 10 industry sectors surveyed expect a decrease in staff levels compared to last year at this time, including Construction, Durable and Non-Durable Goods Manufacturing, Transportation/Public Utilities, Wholesale/Retail Trade, Finance/Insurance/Real Estate, Education, Services and Public Administration. Only Mining employers anticipate an increase in hiring in the coming quarter versus Quarter 4 2007.

No Change % 58 62 67 55 61 57 66 61 63 52

Don’t Know % 5 5 6 6 6 13 5 6 7 6

Net Employment Outlook % -7 15 3 7 5 24 1 11 10 16

Seasonally Adjusted % 2 10 5 9 6 26 8 14 10 8

At the overall national level, the margin of error on the data is +/– 0.8%.

Employers in the Northeast and Midwest anticipate weakening hiring conditions, and employers in the South are less optimistic about adding staff compared to Quarter 3 2008. Employers in the West are slightly more optimistic about hiring plans in the upcoming quarter.
Increase % Midwest Northeast South West 21 24 22 25 Decrease % 13 12 13 15

Across all regions, employers in the West and the Northeast share the most favorable hiring outlook, while employers in the Midwest foresee the least promising job prospects for Quarter 4 2008.

No Change % 61 59 59 52

Don’t Know % 5 5 6 8

Net Employment Outlook % 8 12 9 10

Seasonally Adjusted % 8 11 9 11

2

Regional Comparisons
Midwest +8 (8)%
Twenty-one percent of employers surveyed in the Midwest anticipate adding staff and 13% expect to decrease workforce levels, resulting in a Net Employment Outlook of +8%. When seasonal variations are removed from the data, the Quarter 4 2008 employment forecast is slightly weaker than the previous quarter, with a more notable drop in hiring activity compared to last year at this time. Employers in the Midwest anticipate the weakest hiring intentions when compared with the three other regions surveyed.
Increase % All Industries Construction Education Finance, Insurance & Real Estate Manufacturing – Durables Manufacturing – Non-Durables Mining Public Administration Services Transportation & Public Utilities Wholesale & Retail Trade 21 13 21 11 22 22 0 12 17 15 29 Decrease % 13 23 9 6 18 12 0 17 11 9 12

Among the 10 industry sectors surveyed in the Midwest, employers in seven sectors express decreased optimism about hiring, including Durable and Non-Durable Goods Manufacturing, Transportation/Public Utilities, Wholesale/Retail Trade, Finance/Insurance/Real Estate, Education and Services. Mining and Construction employers anticipate increasing staff levels, and Public Administration employers anticipate stable hiring conditions.

No Change % 61 59 66 77 56 62 100 67 66 71 53

Don’t Know % 5 5 4 6 4 4 0 4 6 5 6

Net Employment Outlook % 8 -10 12 5 4 10 0 -5 6 6 17

Seasonally Adjusted % 8 3 5 6 7 9 4 6 10 7 9

35 30 25 20 15 10 5 0 -5 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

The Midwest Region comprises the following states: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin.

3

Manpower Employment Outlook Survey United States Northeast +12 (11)%
In the Northeast, 24% of employers surveyed anticipate an increase in staffing, while 12% expect to decrease staff levels, resulting in a Net Employment Outlook of +12%. Seasonally adjusted data shows hiring intentions decreasing slightly from the previous quarter and one year ago at this time. Northeast employers share the most favorable hiring outlook with employers in the West. Six of the 10 industry sectors surveyed in the Northeast anticipate a decrease in hiring for Quarter 4 2008.Those sectors include Mining, Construction, Non-Durable Goods Manufacturing, Wholesale/Retail Trade, Services and Public Administration. Employers in the Durable Goods Manufacturing, Transportation/Public Utilities, Finance/Insurance/Real Estate and Education sectors anticipate stable hiring conditions for the October – December period.
No Change % 59 55 67 66 54 60 100 70 62 60 52 Don’t Know % 5 5 5 3 6 5 0 7 5 8 6 Net Employment Outlook % 12 -6 12 3 16 7 0 -1 13 10 20 Seasonally Adjusted % 11 3 8 6 16 8 -6 3 16 9 10

Increase % All Industries Construction Education Finance, Insurance & Real Estate Manufacturing – Durables Manufacturing – Non-Durables Mining Public Administration Services Transportation & Public Utilities Wholesale & Retail Trade 24 17 20 17 28 21 0 11 23 21 31

Decrease % 12 23 8 14 12 14 0 12 10 11 11

30 25 20 15 10 5 0 -5 -10 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

The Northeast Region comprises the following states: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont.

4

South +9 (9)%
In the South, 22% of employers surveyed plan to add staff, while 13% expect a reduction in hiring. This results in a Net Employment Outlook of +9%. According to seasonally adjusted survey results, employers are expecting a moderate decrease in hiring from the previous quarter, with a considerable decrease in the hiring pace compared to one year ago at this time.

Hiring activity is expected to decrease in seven of the 10 industry sectors surveyed for Quarter 4 2008. These include Construction, Durable and Non-Durable Goods Manufacturing, Transportation/Public Utilities, Finance/Insurance/Real Estate, Services and Public Administration. Mining, Wholesale/Retail Trade and Education employers indicate stable hiring intentions compared to the previous quarter.

Increase % All Industries Construction Education Finance, Insurance & Real Estate Manufacturing – Durables Manufacturing – Non-Durables Mining Public Administration Services Transportation & Public Utilities Wholesale & Retail Trade 22 15 27 14 22 15 29 18 23 19 28

Decrease % 13 19 9 14 16 14 4 12 10 11 13

No Change % 59 61 60 66 56 64 58 65 61 65 53

Don’t Know % 6 5 4 6 6 7 9 5 6 5 6

Net Employment Outlook % 9 -4 18 0 6 1 25 6 13 8 15

Seasonally Adjusted % 9 2 14 2 8 4 26 9 16 8 8

35 30 25 20 15 10 5 0 -5 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

The South Region comprises the following states: Alabama, Arkansas, Delaware, District of Columbia, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia, West Virginia.

5

Manpower Employment Outlook Survey United States West +10 (11)%
Twenty-five percent of employers surveyed in the West are likely to increase staff levels, while 15% expect to trim payrolls during Quarter 4 2008, resulting in a Net Employment Outlook of +10%. According to seasonally adjusted survey data, employers in the West anticipate a slight increase in hiring compared to the previous quarter but a considerable decrease in hiring intentions when compared to Quarter 4 2007. Among the 10 industry sectors surveyed, employers in eight sectors, including Mining, Durable Goods Manufacturing, Transportation/Public Utilities, Wholesale/Retail Trade, Finance/Insurance/Real Estate, Education, Services and Public Administration, plan to remain stable or increase hiring for the October – December period. Non-Durable Goods Manufacturing and Construction employers anticipate a slight decrease in staff levels. Along with employers in the Northeast, employers in the West have the most favorable employment outlook of the four regions surveyed.
No Change % 52 54 54 55 52 53 34 61 51 51 48 Don’t Know % 8 8 6 11 9 13 33 6 8 13 6 Net Employment Outlook % 10 -12 20 8 9 4 33 3 13 24 12 Seasonally Adjusted % 11 -3 13 10 11 5 44 7 17 20 7

Increase % All Industries Construction Education Finance, Insurance & Real Estate Manufacturing – Durables Manufacturing – Non-Durables Mining Public Administration Services Transportation & Public Utilities Wholesale & Retail Trade 25 13 30 21 24 19 33 18 27 30 29

Decrease % 15 25 10 13 15 15 0 15 14 6 17

35 30 25 20 15 10 5 0 -5 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

The West Region comprises the following states: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming.

6

Sector Comparisons
Mining employers have the most favorable hiring outlook for the balance of 2008, according to seasonally adjusted data. Services employers are also indicating favorable hiring intentions. Finance/Insurance/Real Estate employers are expecting a softer hiring environment while Construction employers anticipate the weakest fourth quarter hiring plans among all industry sectors surveyed.

Construction Education Finance, Insurance & Real Estate Manufacturing – Durables Manufacturing – Non-Durables Mining Public Administration Services Transportation & Public Utilities Wholesale & Retail Trade -10

-7 2 15 10 3 5 7 9 5 6 24 26 1 8 11 14 10 10 16 8 -5 0 5 10 15 20 25 30

Net Employment Outlook

Seasonally Adjusted Outlook

7

Manpower Employment Outlook Survey United States Construction -7 (2)%
The hiring pace in the Construction sector is expected to remain unchanged compared to Quarter 3 2008, according to seasonally adjusted survey data. A look at the hiring expectations from one year ago at this time indicates a considerably weaker employment outlook. Employers in the Northeast and the Midwest share the most favorable hiring outlook, while employers in the West indicate the weakest hiring plans.
40

30 20 10 0 -10 -20
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

Education +15 (10)%
According to seasonally adjusted survey data, Education employers anticipate no change in the hiring pace compared to the previous quarter at this time. Year-over-year, employers show a moderate decrease in hiring optimism. Looking across all regions surveyed, employers in the South have the most optimistic hiring outlook, while employers in the Midwest indicate the most conservative hiring sentiments.
25
20 15 10 5 0 -5

-10
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

8

Finance, Insurance & Real Estate +3 (5)%
Hiring plans for the October – December period show a slight dip versus the previous quarter, and are considerably lower compared to one year ago at this time, according to seasonally adjusted survey data. This is the weakest employment outlook for the Finance/Insurance/Real Estate sector since Quarter 2 1992. The strongest job prospects are reported by employers in the West, with employers in the South showing the least favorable employment outlook of all regions surveyed.
25
20 15 10 5

0
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

Manufacturing – Durable Goods +7 (9)%
When seasonal variations are removed from the data, hiring optimism for the upcoming quarter in the Durable Goods Manufacturing sector declined slightly compared to Quarter 3 2008. Measured against last year at this time, employers indicate a considerable decline in hiring intentions. In the Northeast, Durable Goods Manufacturers expect the most optimistic hiring outlook, while employers in the Midwest anticipate the weakest job prospects among the regions surveyed.
35 30 25 20 15 10 5 0 -5 -10
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

9

Manpower Employment Outlook Survey United States Manufacturing – Non-Durable Goods +5 (6)%
Non-Durable Goods Manufacturers report a slight decrease in hiring plans for Quarter 4 2008, when seasonal variations are removed from the data. Compared to one year ago at this time, hiring expectations are significantly lower for this sector. Regional hiring patterns indicate the strongest hiring expectations in the Midwest, while the employment landscape in the South looks least favorable.
30 25 20 15 10 5

0
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

Mining +24 (26)%
Employers in the Mining sector anticipate an increase in employment levels for the October – December period compared to the previous quarter. Hiring optimism also increased compared to one year ago at this time. Of the four regions surveyed, Mining employers in the West are the most optimistic about their hiring plans, while employers in the Northeast anticipate the most reservation about adding employees.
35 30 25 20 15 10 5 0 -5 -10
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

10

Public Administration +1 (8)%
According to seasonally adjusted survey results, employers’ hiring plans remain stable compared to Quarter 3 2008, while hiring expectations decreased considerably when compared to one year ago at this time. Public Administration employers in the South express the most confidence in hiring, and employers in the Northeast are the least confident about increasing staff levels.
30 25 20 15 10 5 0 -5 -10
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

Services +11 (14)%
Quarter-over-quarter, the hiring pace for the Services sector decreased slightly, and is moderately lower than hiring expectations from one year ago, according to seasonally adjusted survey results. Among the regions, employers in the West are the most optimistic about increasing staff levels, and Midwest employers show the most hesitation about their hiring plans.
30 25 20 15 10 5

0
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

11

Manpower Employment Outlook Survey United States Transportation & Public Utilities +10 (10)%
On a seasonally adjusted basis, Transportation/Public Utilities employers reported a slight decrease in hiring plans compared to the previous quarter and one year ago at this time. The strongest job prospects are reported in the West, while the least favorable job outlook is in the Midwest, when compared to the other regions surveyed.
25
20 15 10 5 0 -5

-10
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

Wholesale & Retail Trade +16 (8)%
When seasonal variations are removed from the data, the hiring intentions of Wholesale/Retail Trade employers are less favorable than Quarter 3 2008. Employer optimism is considerably lower compared to one year ago at this time. This is the weakest outlook for the Wholesale/Retail Trade sector since Quarter 3 1991. Of the four regions surveyed, hiring is expected to be most active in the Northeast, while employers in the West are the most reserved about adding employees.
35 30 25 20 15 10 5 0 -5 -10 -15
’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 Seasonally Adjusted Outlook ’04 ’05 ’06 ’07 ’08 Net Employment Outlook

12

Global Employment Outlook
Net Employment Outlook Americas Argentina Canada Colombia Costa Rica Guatemala Mexico Peru United States Quarter 4 2007 % 32 16 (17)1 – 34 – 21 (20)1 55 18 (18)1 Quarter 3 2008 % 25 21 (13)1 – 27 13 20 (21)1 40 16 (12)1 Quarter 4 2008 % 19 13 (14)1 22 29 12 15 (14)1 29 9 (9)1 -6 -8 (1)1 – 2 -1 -5 (-7)1 -11 -7 (-3)1 -13 -3 (-3)1 – -5 – -6 (-6)1 -26 -9 (-9)1 Qtr on Qtr Change Q3 2008 to Q4 2008 Yr on Yr Change Q4 2007 to Q3 2008

Net Employment Outlook Asia Pacific Australia China Hong Kong India Japan New Zealand Singapore Taiwan Quarter 4 2007 % 29 (28)1 12 (13)
1

Qtr on Qtr Change Quarter 4 2008 % 18 (17)1 11 (12)
1

Yr on Yr Change Q4 2007 to Q4 2008 -11 (-11)1 -1 (-1)1 -9 (-9)1 1 (1)1 -14 (-13)1 -17 (-16)1 -33 (-28)1 6 (7)1

Quarter 3 2008 % 20 (22)
1 1

Q3 2008 to Q4 2008 -2 (-5)1 -1 (-3)1 -12 (-9)1 1 (-2) -1 (-4)1 -3 (-5)1 -21 (-12)1 -8 (-1)1
1

12 (15)

24 (25)1 47 (42)1 22 (26)
1

27 (25)1 47 (45) 9 (17)1
1

15 (16)1 48 (43) 8 (13)1
1

26 (26)1 49 (53)1 11 (16)1

12 (15)1 37 (37)1 25 (24)1

9 (10)1 16 (25)1 17 (23)1

Net Employment Outlook EMEA* Austria Belgium Czech Republic France Germany Greece Ireland Italy Netherlands Norway Poland Romania South Africa Spain Sweden Switzerland UK Quarter 4 2007 % 8 (8)1 5 (6) – 4 (5)1 12 (12) – 5 (8)1 -1 (2)1 8 (7)
1 1 1

Qtr on Qtr Change Quarter 4 2008 % 9 (9)1 7 (8)1 1 3 (4)
1 1

Yr on Yr Change Q4 2007 to Q4 2008 1 (1)1 2 (2)1 – -1 (-1)1 -4 (-4)1 – -12 (-11)1 -4 (-4)1 3 (3)1 -10 (-12)1 – – -10 -18 (-18)1 -5 (-5)1 -8 (-8)1 -14 (-14)1

Quarter 3 2008 % 7 (6)1 7 (6)1 3 4 (4)
1 1

Q3 2008 to Q4 2008 2 (3)1 0 (2)1 -2 -1 (0)
1 1

11 (9) 19 3 (1)1 3 (1)1 8 (8)
1

8 (8) 12 -7 (-3)1 -5 (-2)1 11 (10)
1

-3 (-1) -7 -10 (-4)1 -8 (-3)1 3 (2)
1

18 (22)1 – – 27 9 (13)1 14 (15)1 13 (12)1 13 (14)1

16 (13)1 29 26 17 0 (-3)1 13 (11)1 3 (5)1 7 (5)1

8 (10)1 19 21 17 -9 (-5)1 9 (10)1 5 (4)1 -1 (0)1

-8 (-3)1 -10 -5 0 -9 (-2)1 -4 (-1)1 2 (-1)1 -8 (-5)1

*EMEA – Europe, Middle East and Africa. 1. Number in parentheses is the Net Employment Outlook when adjusted to remove the impact of seasonal variations in hiring activity. Please note that this data is not available for all countries as a minimum of 13 quarters worth of data is required.

13

Manpower Employment Outlook Survey United States
Nearly 55,000 employers have been interviewed across 33 countries and territories to measure anticipated employment trends* between October and December 2008. Employers in 29 countries and territories Manpower surveyed expect to add to their workforces in Quarter 4 2008, while three countries report negative hiring expectations. However, the majority of employers expect to ease the pace of hiring compared to three months ago, with employers in 25 countries and territories reporting weaker outlooks compared to Quarter 3. Five countries and territories indicate improved hiring plans from three months ago. Where year-over-year data is available, Outlooks in 22 countries and territories have declined compared to last year at this time. Quarter 4 employment prospects are strongest in India, Costa Rica, Peru, Singapore, Taiwan, Colombia, Romania, Poland, Argentina, Australia and South Africa. Employer hiring expectations are weakest in Spain, Ireland and Italy, with Spanish employers reporting their least optimistic Outlook since the survey began there in 2003. On a regional basis, employers in the Americas continue to report positive Net Employment Outlooks; however, they are all weaker than those reported 12 months ago. Employers in Peru and Costa Rica are the most optimistic about adding employees in the region. Meanwhile, the Outlook in the U.S. is the weakest in five years and hiring expectations in Mexico, while healthy, signal the first contraction of strong employer hiring patterns in four years. Across Asia Pacific, employers expect to continue to add to their payrolls; however, all plan a hiring slowdown compared to three months ago. Job prospects are strongest in India, Singapore and Taiwan. In the Europe, Middle East & Africa (EMEA) region, Outlooks decline in 12 of 17 countries from three months ago with UK employers reporting the gloomiest Outlook in 14 years. Outlooks also decline in 10 countries when a year-over-year comparison is made. On the other hand, Outlooks improve or remain stable in eight EMEA countries compared to Quarter 3 – Austria, Belgium and the Netherlands improve and France, Germany, South Africa, Sweden and Switzerland are relatively stable. Notably, employers in the Netherlands are reporting their most optimistic Outlook since the survey began there in 2003. * Comments in this section are based on seasonally adjusted data
where available.

Survey Respondents by Region
Research for the Quarter 4 2008 Manpower Employment Outlook Survey involved surveying nearly 55,000 human resource directors and senior hiring managers from public and private organizations worldwide. 44% of the respondents came from eight countries in the Americas; 28% from eight countries and territories across Asia Pacific; and 28% from 17 countries in EMEA.

Asia Pacific 28% Americas 44%

EMEA 28%

14

International Comparisons – Americas
Over 24,000 interviews have been conducted across Argentina, Canada, Colombia, Costa Rica, Guatemala, Mexico, Peru and the United States to measure employment prospects for Quarter 4 2008. While positive Net Employment Outlooks are reported in all countries surveyed, employers in all countries where year-over-year data is available expect to slow the pace of hiring from Quarter 4 2007, with notable declines seen in Peru and Argentina. Compared to three months ago, only Canadian and Costa Rican employers are reporting improved hiring plans. Employers in Colombia are surveyed for the first time this quarter and report one of the most optimistic Net Employment Outlooks in the region; only employers in Costa Rica and Peru are more optimistic about adding employees in the quarter ahead. On the other hand, employers in Guatemala and the U.S. are the least optimistic about adding employees. The Outlook for the U.S. – the least optimistic in five years – is slightly weaker compared to Quarter 3 but considerably weaker compared to Quarter 4 2007. Employer hiring expectations in Mexico, while still positive, are moderately weaker year-over-year and those in Canada are just slightly less optimistic.

Argentina
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

Canada
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2007

2008

2004

2005

2006

2007

2008

Argentina joined the survey in Q1 2007.

Colombia
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

Costa Rica
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

2007

2008

2007

2008

Colombia joined the survey in Q4 2008.

Costa Rica joined the survey in Q3 2006.

15

Manpower Employment Outlook Survey United States Guatemala
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

Mexico
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2007

2008

2004

2005

2006

2007

2008

Guatemala joined the survey in Q2 2008.

Peru
60 50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

USA
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2007

2008

2004

2005

2006

2007

2008

Peru joined the survey in Q2 2006.

16

International Comparisons – Asia Pacific
Over 15,000 interviews have been conducted across the Asia Pacific region to measure anticipated hiring activity between October and December 2008. While hiring prospects remain positive in the Asia Pacific region, they are weaker compared to three months ago in all eight of the countries and territories surveyed; however, the decline is less pronounced in India and Taiwan. The trend is similar when a year-over-year comparison is made – weaker Outlooks across the region with only Indian and Taiwanese employers expecting to lift the pace of hiring. The hiring forecast in the Services sector is notably weaker in the region compared to one year ago and a fall in confidence in this key growth sector has a major impact on these labor markets. Employers in India, Singapore and Taiwan are anticipating the most robust hiring activity in the region for the upcoming quarter, while those in New Zealand, China and Japan report the least optimistic hiring intentions. Notably, New Zealand employers are reporting their most subdued hiring plans since the survey was established there in Quarter 2 2004.

Australia
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

China
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

China joined the survey in Q2 2005.

Hong Kong
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

India
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

India joined the survey in Q3 2005.

17

Manpower Employment Outlook Survey United States Japan
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

New Zealand
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

New Zealand joined the survey in Q2 2004.

Singapore
70 60 50 40 30 20 10 0 -10 2003
Seasonally Adjusted Outlook Net Employment Outlook

Taiwan
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

Taiwan joined the survey in Q2 2005.

18

International Comparisons – EMEA
Over 15,000 interviews have been conducted with employers across 17 EMEA countries to measure anticipated employment trends for Quarter 4 2008. Employers in 13 countries are anticipating varying degrees of positive hiring activity for the next three months; however, hiring expectations are generally weaker across the region compared to Quarter 3 and this time last year. In a quarter-over-quarter comparison, forecasts have improved or remain relatively stable in eight countries. Romanian employers are reporting the strongest hiring expectations in the EMEA region, while the weakest – and only negative hiring expectations found in Europe and globally – are reported by employers in Spain, Ireland and Italy. The forecast from Spanish employers is the most pessimistic since the survey began in Spain in 2003. Hiring is also expected to slow considerably in the UK with employers reporting their weakest Outlook in 14 years. Interestingly, hiring sentiments have improved from three months ago in the Manufacturing sector in Austria, Belgium, Germany, the Netherlands, Sweden and Switzerland, and the sector performance is helping to bolster the Outlooks for these countries.

Austria
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

Belgium
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

Czech Republic
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

France
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2007

2008

2004

2005

2006

2007

2008

Czech Republic joined the survey in Q2 2008.

19

Manpower Employment Outlook Survey United States Germany
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

Greece
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

2004

2005

2006

2007

2008

2007

2008

Greece joined the survey in Q2 2008.

Ireland
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

Italy
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

Netherlands
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

Norway
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

Poland
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

Romania
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

2007

2008

2007

2008

Poland joined the survey in Q2 2008.

Romania joined the survey in Q2 2008.

20

South Africa
50 40 30 20 10 0 -10 -20 2003 2004 2005 2006
Net Employment Outlook

Spain
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2007

2008

2004

2005

2006

2007

2008

South Africa joined the survey in Q4 2006.

No bar indicates Net Employment Outlook of zero.

Sweden
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

Switzerland
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

2004

2005

2006

2007

2008

Switzerland joined the survey in Q3 2005. No bar indicates Net Employment Outlook of zero.

UK
50 40 30 20 10 0 -10 -20 2003
Seasonally Adjusted Outlook Net Employment Outlook

2004

2005

2006

2007

2008

21

Manpower Employment Outlook Survey United States

About the Survey
The Manpower Employment Outlook Survey is conducted quarterly to measure employers’ intentions to increase or decrease the number of employees in their workforces during the next quarter. The survey has been running for more than 45 years and is one of the most trusted surveys of employment activity in the world. Various factors underpin the success of the Manpower Employment Outlook Survey: Unique: It is unparalleled in its size, scope, longevity and area of focus. Projective: The Manpower Employment Outlook Survey is the most extensive, forward-looking employment survey in the world, asking employers to forecast employment over the next quarter. In contrast, other surveys and studies focus on retrospective data to report on what occurred in the past. Focused: For more than four decades, the survey has derived all of its information from a single question. Independent: The survey is conducted with a representative sample of employers from throughout the countries in which it is conducted. The survey participants are not derived from Manpower’s customer base. Robust: The survey is based on interviews with nearly 55,000 public and private employers across 33 countries and territories to measure anticipated employment trends each quarter. This sample allows for analysis to be performed across specific sectors and regions to provide more detailed information.

Survey Question
All employers participating in the survey worldwide are asked the same question, “How do you anticipate total employment at your location to change in the three months to the end of December 2008 as compared to the current quarter?”

Net Employment Outlook
Throughout this report, we use the term “Net Employment Outlook”. This figure is derived by taking the percentage of employers anticipating an increase in hiring activity and subtracting from this the percentage of employers that expect to see a decrease in employment at their location in the next quarter. The result of this calculation is the Net Employment Outlook.

Seasonal Adjustment
Seasonal adjustments have been applied to the data for Australia, Austria, Belgium, Canada, China, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Singapore, Spain, Switzerland, Sweden, Taiwan, United Kingdom and the United States to provide additional insight into the survey data. These adjustments make it possible to review the data without the employment fluctuations that normally occur at the same time each year, thus providing a clearer picture of the data over time. Manpower intends to add seasonal adjustments to the data for other countries in the future, as more historical data is compiled. Manpower adopted the TRAMO-SEATS method of seasonal adjustment in March of 2008.

Methodology
The Manpower Employment Outlook Survey is conducted using a validated methodology, in accordance with the highest standards in market research. The research team for the 33 countries and territories where the survey is currently conducted includes Manpower’s internal research team and Infocorp Ltd. The survey has been structured to be representative of each national economy. The margin of error for all national, regional and global data is not greater than +/- 3.9%. In the United States, the national survey is conducted by Manpower’s North American Market Intelligence Team and includes 14,000 employers. With this number of interviews, the margin of error for the United States survey is +/- 0.8%.

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About Manpower Inc.
History of the Survey
1962 1st generation of the Manpower Employment Outlook Survey launched in the United States and Canada. 1966 Manpower’s UK operation launches the equivalent of the United States survey, naming the report the Quarterly Survey of Employment Prospects. The survey adopts the same forward-looking research format as the United States survey and is the first of its kind in Europe. 1976 2nd generation of the Manpower Employment Outlook Survey launched in the United States and Canada. Research methodology is updated to evolve with advancements in the field of market research. 2002 Manpower UK’s Quarterly Survey of Employment Prospects is updated to adopt an enhanced research methodology. Manpower’s operations in Mexico and Ireland launch the survey in their respective countries. 2003 3rd generation of the Manpower Employment Outlook Survey is launched, expanding the program to a total 18 countries and territories worldwide: Australia, Austria, Belgium, Canada, France, Germany, Hong Kong, Ireland, Italy, Japan, Mexico, Netherlands, Norway, Singapore, Spain, Sweden, United Kingdom and United States. 2004 Manpower operations in New Zealand launch the Manpower Employment Outlook Survey. 2005 Manpower operations in China, India, Switzerland and Taiwan launch the Manpower Employment Outlook Survey. 2006 Manpower operations in Costa Rica, Peru and South Africa join the survey program. Surveys in Australia, Austria, Belgium, France, Germany, Hong Kong, Ireland, Italy, Japan, Mexico, Netherlands, Norway, Singapore, Spain and Sweden add seasonally adjusted data in the third quarter. 2007 Manpower operations in Argentina launch the Manpower Employment Outlook Survey. The survey in New Zealand adds seasonally adjusted data in the first quarter. 2008 Manpower operations in Colombia, the Czech Republic, Greece, Guatemala, Poland and Romania join the survey program. China and Taiwan add seasonally adjusted data in the second quarter. India and Switzerland add seasonally adjusted data in the third quarter. Manpower Inc. (NYSE: MAN) is a world leader in the employment services industry; creating and delivering services that enable its clients to win in the changing world of work. Celebrating its 60th anniversary in 2008, the $21 billion company offers employers a range of services for the entire employment and business cycle including permanent, temporary and contract recruitment; employee assessment and selection; training; outplacement; outsourcing and consulting. Manpower’s worldwide network of 4,500 offices in 80 countries and territories enables the company to meet the needs of its 400,000 clients per year, including small and medium size enterprises in all industry sectors, as well as the world’s largest multinational corporations. The focus of Manpower’s work is on raising productivity through improved quality, efficiency and cost-reduction across their total workforce, enabling clients to concentrate on their core business activities. Manpower Inc. operates under five brands: Manpower, Manpower Professional, Elan, Jefferson Wells and Right Management. More information on Manpower Inc. is available at www.manpower.com.

About Manpower United States
In the United States, Manpower provides a wide range of employment services that allow companies to anticipate and benefit from the changes happening now and next in the contemporary world of work. Manpower is more than its core of temporary industrial, contact center and administrative recruiting, assessment and selection. In addition to recruiting and screening for permanent positions, Manpower supports clients’ cost savings through its managed service programs. Under the Manpower Professional brand, the company places superior talent in areas such as information technology, scientific, engineering, finance and telecommunications. The company fulfills clients’ recruitment process outsourcing needs through Manpower Business Solutions. More information about Manpower’s U.S. operations can be found at www.us.manpower.com.

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Manpower Employment Outlook Survey United States

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Manpower Inc., 100 Manpower Place, Milwaukee, WI 53212, USA Tel: 414 961 1000 www.us.manpower.com © 2008, Manpower Inc. All rights reserved.

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