Labor markets remain strong and healthy and businesses are still looking to acquire skilled talent despite growing global economic uncertainty, ManpowerGroup CEO Jonas Pricing said this week.

Pricing told analysts on Milwaukee-based ManpowerGroup’s earnings call that the company has seen no change in customer behavior when it comes to hiring skilled workers, though it acknowledged that ‘there is some weakness in areas such as automotive, construction and logistics that have been impacted by the supply chain. disturbances.

“What is equally clear is that many of our clients are very concerned about the economic outlook on the one hand, but when we ask them what they think of their own business, they say they are working still through the pent up demand of the pandemic, that they are looking for more talent,” Pricing said.

Of course, ManpowerGroup’s services, which include both temporary and permanent help for businesses, could benefit from the uncertainty as businesses seek the flexibility of having temporary staff to allow them to adjust to conditions. market changes.

Pricing said companies view talent as “tremendously important to them as they navigate this turbulent environment.”

“They have worked very hard and are still working very hard to find the talent they need to execute on their plans,” Pricing said, noting that clients will likely recall the difficulties they faced recruiting in a job market. restricted.

Pricing said clients are aware of efforts by central banks globally to control inflation.

“But they’re living the reality of a strong, ongoing business environment for them,” he said. “So it’s a bit of a time when, it’s all going to be a matter of the economy flexing, so economic growth, slowing labor markets, maybe a bit of a cooling, but staying very strong and then returning to improved growth or economies sinking into some kind of recessionary environment, and I think that’s what they’re debating.

Most customers don’t see a drop in demand and instead face supply chain issues preventing them from producing or providing services, Pricing said.

He acknowledged that there are areas like technology or streaming where demand is returning, but suggested that consumers are trading retail product consumption for experiences and travel.

“You see changes on the inside, but if you then step back and look at the overall picture of the labor market, labor markets are still very, very healthy. And weaknesses at this point are absorbed by excess demand and strength in other parts of the economy. And that’s certainly true, both for the United States and for Europe,” Pricing said.