Multi-sector recruiter Manpower has reported that net earnings for fourth-quarter trading fell to $79.2m (£55m) from $133.1m (£92.45m) in 2007, while fourth-quarter revenues were $4.6bn (£3.2bn), a decrease of 18% from the year earlier period.

For the year ended 31 December, net earnings per diluted share decreased to $2.75 (£1.91) from $5.73 (£3.98) in 2007. Net earnings fell to $218.9m (£152m) compared to $484.7m (£336.7m) in the prior year. However, revenues for the year were $21.6bn (£15bn), an increase of 5% from the prior year, up 1%.

Jeffrey A. Joerres, chairman and chief executive at Manpower, says: “During the fourth quarter, we experienced a rapid decline in demand for our services in most of the geographies we operate in.

“This was not unexpected and we have positioned ourselves well for this environment. While we have taken action to reduce our expenses, we will not impact our workforce and office infrastructure in a way that would inhibit our ability to help our clients win.

“Despite the anticipated continued deterioration of the labour market in the near term, we remain confident that with the combination of our financial strength and flexibility, Manpower is well-equipped to take advantage of the opportunities this environment will uniquely present to us.”