European Business Services "The Signal Service" McKenzie

研报英文原文证据摘录

European Business Services "The Signal Service" McKenzie

Global Research

8 June 2026ab

European Business Services Equities

Europe including UKThe Signal Service

Industrial Services

Rory McKenzie

Staffing: 5 Japan temp agencies face antitrust investigation Analyst

According to a report in the Yomiuri Shimbun, the Japan Fair Trade Commission began rory.mckenzie@ubs.com

on-site inspections of five temp staffing firms on suspicion of colluding to raise client +44-20-7568 1977

fees nationwide. The article cited the companies involved as Persol Tempstaff, Staff Nicole Manion

Service, Recruit Staffing, Manpower, and Adecco. Our view: Japan represents c7% of Analyst

Adecco Group revenues. We note the group has previously been fined for antitrust, e.g. nicole.manion@ubs.com

Adecco France was fined €34.2m following a Feb-09 antitrust decision, as part of a +44-20-7568 2094

€94.4m industry-wide penalty against the top 3 firms (including Manpower and Vedior). Abi Bell

Analyst

Staffing: Hiring volumes remain stagnant amidst ongoing uncertainty abi.bell@ubs.com

+44-20-7568 1594

We review the latest monthly data for:

Abdihakem Ahmed

UK: Latest UK jobs report saw the Temp Billings index increase modestly (52.2 in Associate Analyst

May-26, after 50.4 in Apr), but a steep decline in the Perm Placements index (44.1 abdihakem.ahmed@ubs.com

in May-26, after 47.5 in Apr). Given the prevailing global and domestic uncertainty +44-20-7567 1050

and rising cost pressures, REC members noted 'with businesses tapping the brakes

on permanent hiring in the face of higher costs, the Gulf crisis and new

employment red tape, temporary work is making up the gap'. UK as % group

gross profit: 7% ADEN, 4% RAND, 20% HAS, 12% PAGE.

US: The latest U.S. NFP report saw the number of temporary employees -0.9% y/y