The results, released late last week, reveal Q3 revenues of $5.2bn (£4bn), with net earnings of $146.1m compared to $158m in Q3 2018.

The firm added the quarter included a non-cash accounting gain related to the 10 July 2019 initial public offering on the Hong Kong Stock Exchange of its joint venture in Greater China, ManpowerGroup Greater China Ltd (Greater China IPO). The Greater China IPO resulted in the deconsolidation of this business and the non-cash gain increased earnings per share by 50 cents.

The results were also affected by the stronger US dollar relative to foreign currencies compared to the previous year period. On a constant currency basis, revenues were flat. On a constant currency basis, net earnings per diluted share (EPS) increased 3% and decreased 18%, excluding the impact of the gain from the Greater China IPO. Earnings per share in the quarter were adversely affected 7 cents by changes in foreign currencies compared to the previous year.

Elaborating on the group’s performance, CEO and chairman Jonas Prising said: “The global economic environment continues to be uncertain, leading to uneven market conditions as economic growth slows but labour markets remain tight and skills shortages high. This was evident in our third quarter results and despite headwinds in Europe, many of our markets achieved good profitable growth, with the US, the UK, Japan, Norway, Spain and Canada leading the way.

“We anticipate diluted EPS in the fourth quarter will be between $2 and $2.08, which includes an estimated unfavourable currency impact of 7 cents.”

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