Europe is in the midst of an employment crisis and has no immediate prospect of recovery, the head of Adecco SA, the world’s largest provider of temporary workers, said today.
“We have a job crisis here, a job crisis which isn’t going to be solved easily,” Patrick de Maeseneire told Bloomberg News in an interview at the World Economic Forum in Davos, Switzerland. “We have the expectation of a mild recession. The recovery will be very slow and bumpy.”
In Europe, the source of around two-thirds of Glattbrugg, Switzerland-based Adecco’s revenue, unemployment has risen in the past year. In countries that use the euro, it has either increased or remained steady for eight consecutive months from 9.9 percent in March 2011 to 10.3 percent in November, the most recent European Union data show.
Nearly half of Adecco’s income is from finding jobs for low-skilled industrial workers, and that sector will suffer as the economy continues to falter, De Maeseneire said.
“Industrial staffing is the most volatile,” he said. “It’s the first that goes down” in a recession.