U.S. job market awaits post-election hiring boost
WASHINGTON, D.C., UNITED STATES — Adecco, one of the world’s largest temporary staffing agencies, is looking ahead to a potential surge in U.S. hiring once the dust settles from the country’s presidential election.
CEO Denis Machuel told AFP on Tuesday that a clearer political landscape could invigorate the job market.
“Once the elections are over, and once we know who is going to win, even if it might take a bit of time… things will start to pick up,” said Machuel.
Economic impact of political uncertainty
Adecco has witnessed a slowdown in the American market, with North American revenues dropping 15% in the third quarter.
“Businesses don’t like uncertainty: they like to know what’s going to happen. And that level of uncertainty hasn’t really helped the US market,” Machuel explained.
“Once this is over, no matter who wins, we’re going to have more tailwinds than we had so far.”
The broader staffing industry has also faced headwinds, with Dutch competitor Randstad noting a 9% drop in North American revenues for the quarter. Similarly, U.S.-based Manpower saw a 4.5% decline in its American revenues.
Moreover, a recent survey by G-P, a global employment platform, reveals that 59% of U.S. executives believe the November election results could dramatically alter their business strategy.
Debra Boggs, founder and CEO of D&S Executive Career Management, notes that Vice President Kamala Harris’s and former President Donald Trump’s “different strategy for business regulation and tariffs and trade and taxes” is causing companies to hesitate.
This uncertainty is particularly affecting companies with international operations and those seeking to fill senior leadership positions.
Industry experts project post-election recovery
The Swiss-based staffing giant highlighted signs of market stabilization in its report. Across July through September, Adecco posted a net profit of 99 million euros ($108 million), representing a 4% year-on-year decline amid decreased demand for both temporary and permanent placements. Third-quarter revenue also dipped by 4%, totaling 5.7 billion euros.
Michael Foeth, an analyst with Swiss investment firm Vontobel, remarked that “Adecco continues to gain market share despite adverse staffing trends in several key regions.” Temporary staffing remains a key economic indicator, with Adecco and its competitors hoping for clearer skies ahead as political uncertainty in the United States begins to wane.
