Staffing Chartbook: Relief rally

研报英文原文证据摘录

Staffing Chartbook: Relief rally

Equity Research

14 July 2026

Staffing Chartbook

Relief rally

Hays/Page better-than-expected updates have driven sector

re-ratings, an understandable reaction off trough valuations,

but some macro and geopolitical uncertainty remains. Hays/ European Business Services POSITIVE

UnchangedPage/MAN model & PT updates. RAND/ADENQ2 previews/

housekeeping. MAN Q2 16-Jul will be important for further U.S.NEUTRALBusiness & Professional Services

read-across. Unchanged

European Business Services

James Rowland Clark

Temporary volumes tracker points to c1ppt improvement in Q2 vs Q1. Temp volumes were +44 (0)20 7773 0872

flat in June from -0.7% May (+0.5% April) for six major markets where the data is available james.rowlandclark@barclays.com

(leaving Q2 -0.1% vs. Q1 -1.2%). The US and Spain saw improvements in June vs. May, Germany, Barclays, UK

NL and France were stable while the UK deteriorated. On the Q4 conf call, Hays spoke of

James Rose, CFA

"stability" and "resiliency" seen in temp & contracting services more broadly. Overall, the +44 (0)20 7773 0460

improved y/y data ought to read well for generalist staffers but slightly more to Randstad given james.l.rose@barclays.com

the higher temporary mix. Barclays, UK

Vasia KotlidaPermanent volumes improved at Page but soft at Hays. Page Group saw better conversion

+44 (0)20 7773 4635

rates of job offers in most markets, while N Europe, UK and France remain soft and unchanged

vasiliki.kotlida@barclays.com

(Q2 beat - better job offer conversion), while Hays commented that its European (ex S Eur) perm Barclays, UK

business softened a bit in Q2 (Q4 a touch ahead). This could be explained by Hays having more