Statement by Tig Gilliam, CEO of Adecco North America, on October's Bureau of Labor Statistics Jobs Report

Business Wire, Nov 2, 2007

MELVILLE, N.Y. -- The following is a statement by Tig Gilliam, CEO of Adecco North America, on October's Bureau of Labor Statistics jobs report which was released today at 8:30 AM ET.

"Today's jobs report showed the addition of 166,000 new jobs to U.S. payrolls, which is an indication of continued stability in the labor market. With the unemployment rate at 4.7 percent, this marks nearly two years with national unemployment below the 5 percent threshold. Client demand is up in professional staffing and finding the right candidates to fill those positions is challenging for employers today because unemployment is low, which is why they've been tapping firms like ours.

If we take a closer look, similar to an investment portfolio, the labor market is balanced with areas of both weakness and strength. We are seeing continued weakness in manufacturing, construction and the mortgage business -- all impacted by the housing and credit fallout. But these darker spots are well balanced by areas of the professional and business services and healthcare industries which combined added more than 750,000 jobs to the economy this year. In the professional and business services industries, which include accounting/finance and technology, the demand for talent continues to be seen, presenting opportunity for those in and outside of the industry who are looking for a new job or career.

Temporary staffing/contingent workforce strategies are in season for retailers as of October and our major retail clients (Fortune 500) say they anticipate a busy holiday season. The extended fall has delayed the seasonal retail hiring rush from a traditional 12-week to 8-week ramp-up in temp staffing, but we anticipate an increase in demand as the holiday season progresses. As a result, holiday season manufacturers, such as our clients in the games packaging and electronics industries, are expected to hire consistently vis-a-vis last year.

The October report sets the tone for the rest of the quarter. As such, this past month's results, combined with the anticipated increase in holiday season demand for the remainder of the year, lay the foundation for a steady labor market to close out 2007."