Data insights: Belgium staffing weak again in June

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M

Update

July 31, 2026 04:14 PM GMT

Morgan Stanley & Co. International plc+

Staffers | Europe

Annelies Vermeulen

Equity Analyst

Data insights: Belgium staffing

weak again in June

Zachariah Al-Qaryooti

Equity Analyst

Business Services

Europe

Industry View

Key Takeaways

Attractive

Temporary hours in June were down -7.3% yoy, lower sequentially after a

recovery in May. Re-based to 2019 levels, staffing volumes deteriorated (down 30%)

This was driven by -6.9%/-7.9% in blue and white collar yoy, respectively.

Data has sent mixed signals over the last two months with better May and then

weaker June. Federgon flags June weakness was broad based by region/vertical.

The Federgon index – which tracks the level of activity compared to 2007,

adjusted for seasonality – was down -4.2% yoy and -0.9% on a sequential basis.

Belgium represents c6% of Randstad revenues (undisclosed for Adecco).

Federgon index since 2019

Exhibit 1:

Total, white collar and blue

Exhibit 2:

collar temporary activity, yoy growth

120

110

White collar YoY%

40%

100

Blue collar YoY%

Total YoY%

30%

20%

90

10%

0%

80

-10%

70

-20%

-30%

Jan-26

May-26

Jan-25

Sep-25

May-25

Jan-24

Sep-24

May-24

Jan-23

Sep-23

Sep-22

May-23

Jan-22

May-22

Jan-21

Sep-21

May-21

Jan-20

Sep-20

May-20

Jan-19

Sep-19

May-19

60

-40%

-50%

Jan-26

May-26

Jan-25

Sep-25

May-25

Jan-24

Sep-24

May-24

Jan-23

Sep-23

May-23

Jan-22

Sep-22

Sep-21

May-22

Jan-21

May-21

Jan-20

Sep-20

May-20

Jan-19

Sep-19

May-19

-60%

Source: Federgon

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