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Analysts Downgrade Recruitment Sector

Analysts Downgrade Recruitment Sector

Shares in Empresaria, Hays and Michael Page have fallen after analysts upgrades. Empresaria, has fallen around 7% after Edison offered a bleak landscape for the staffing sector and cut its earnings forecasts for Empresaria's by 16% and 46% for 2008 and 2009 respectively. This followed the UK November report on jobs which showed a dramatic drop in billings. 'With such an uncertain trading background across the territories, it seems sensible to take a cautious stance,' Edison says in its note. The downgrade coincided with a similar note from Collins Stewart saying it expected Micheal Page and Hays to report further deterioration in their markets. Michael Page fell around 4%, whilst Hays was down around 1%.

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