Daily NewsView All News
In a Reuters interview, the chief executive officer of Adecco in North America, Tig Gilliam, has stated that Adecco was expecting "significant pressure" in Western Europe, which may already be in recession.
Adecco also expects the stronger markets in Europe, particularly Germany which had a good year in 2011, to slow in 2012 although developing markets in Eastern Europe are likely to grow in the coming year.
The Eurozone crisis and its effect on the US economy is a risk Gilliam says should not be underestimated. Large employers do not invest to accelerate growth and may curtail spending to increase profits in markets that are holding up relatively well, he said.
"If you go to a US multinational company and they look at what they're facing in Western Europe in the next year, it automatically translates into that much more pressure on the markets that are performing," Gilliam said. "They've got to find how much more they can save because they have a hole in Europe to dig out of from a profitability perspective."
Staffing Industry Analysts has published 2012 forecasts for all the major European staffing markets.