Manpower has reported a decline in net income of 31% to $37.1m in its Q3 results. Revenues were down 5% from the previous year, totalling $2.7bn.

Manpower president and CEO Jeffrey Joerres said the results had been ‘anticipated’. Economic downturn has led to ‘a substantial decrease in demand for our services in several markets’, he stated.

Results for the third quarter were also affected by ‘relatively weaker foreign currencies’ compared to the year prior to that period, the company claimed.

Manpower is ‘aggressively controlling our costs’ during the economic downturn, said Joerres. The company will ‘continue to make investments in new offices and other strategic initiatives’, he added.

Looking ahead, Joerres predicted that revenues for Q4 would also be below last year’s level.

But UK operations are holding up well, according to UK MD Iain Herbertson. ‘Despite much talk of slowdown and recession, UK employers are still expecting to take on more staff in the next quarter. They are using flexible workforces to maintain employment levels, so they are in a strong position to come out the other side,’ he said.

Manpower operates from 3,800 offices in 59 countries around the world and is listed on the New York Stock Exchange.