Pan European Staffing: Staffing Monthly Update

Research evidence excerpt

Pan European Staffing: Staffing Monthly Update

BofA EMEA Staffing Indicator

Methodology

Inputs used

We worked with our Predictive Analytics team to create a proprietary indicator for the

market cap-weighted organic revenue growth of Adecco (ADEN) and Randstad (RAND)

We tested each variable with different lag periods to determine the best fit and

identified four composite variables that are intuitive drivers of staffing activity. The

selected variables include our proprietary indicator, BofA Industrial Momentum Indicator,

which aggregates survey responses from our Global Fund Manager Survey, BofA

Truckload Diffusion Indicator and copper prices.

All variables are published monthly and can be broadly classified into three categories:

manufacturing, services, and earnings. In addition, the BofA Industrial Momentum

Indicator that leads global manufacturing PMI.

Manufacturing

Includes variables from US and European countries (UK, Spain, Italy, Germany, and

France), focusing on industrial production and manufacturing orders.

Services

Includes PMI services from US and European countries (UK, Spain, Italy, Germany, and

France), focusing on business expectations in the coming month.

BofA Industrial Momentum Indicator

A proprietary indicator from our Global Industrials team that aggregates survey

responses from our Global Fund Manager Survey, BofA Truckload Diffusion Indicator and

copper prices. It captures fund manager expectations of global profits, and shippers’

outlook on shipping demand and rates. (Global Industrials: BofA Industrial Momentum

Indicator slightly rebounds MoM).

Earnings

Includes the Global 3-month Global Earnings Revision Ratio: US-led rebound 20 May

2026, which is the ratio of earnings upgrades to downgrades.

Exhibit 38: Components of BofA Staffing Indicator