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Manpowers Earnings Hit

Manpowers Earnings Hit

Milwaukee US based Manpower Inc. has reported that for the three months ended June 30, 2009 its net earnings in the quarter were $19.3 million compared to $107.4 million a year earlier. Revenues for the second quarter were $3.8 billion, a decrease of 36% from the year earlier period, or a decrease of 27% in constant currency.

Second quarter 2009 results include a reorganization charge of $13.1 million, $9.0 million after tax, primarily related to severances and office consolidations. Second quarter results also include an unfavourable impact from currency and a favourable impact from a lower effective income tax rate.

Manpower Inc. Chairman and Chief Executive Officer Jeffrey A. Joerres said, "While we have continued to see stabilisation, and in our major geographies slight improvement, we have yet to experience real recovery. The months of September and October, which are traditionally strong seasonal months, will be an important period of time to give us an indication of whether or not 2009 will show signs of recovery.

"We continue to benefit greatly from our outplacement business, as Right Management had a record setting profit for the second quarter. Right Management's profitability, coupled with good expense management, is allowing us to have a longitudinal view of the company and remain poised for growth at the time of recovery, whenever that may be.

Earnings for the six months ended June 30, 2009 were $21.6 million compared to $182.9 million in the prior year. Revenues for the six-month period were $7.4 billion, a decrease of 34% from the prior year or 24% in constant currency.

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