1. Q4 2012ManpowerEmploymentOutlook SurveyIndia

2. Manpower Employment Outlook Survey India Q4/12Manpower Employment Outlook Survey IndiaContentsIndia Employment Outlook 1 Regional Comparisons Sector ComparisonsGlobal Employment Outlook 8 International Comparisons Asia Pacific International Comparisons Americas International Comparisons EMEAAbout the Survey 19About ManpowerGroup TM2

3. India Employment OutlookThe Manpower Indian employers report hopeful hiring intentions for Quarter 4 2012. With 19% of employers expecting toEmployment Outlook increase staffing levels, 1% anticipating a decrease and 55% forecasting no change, the resulting NetSurvey for the fourth Employment Outlook stands at +18%.quarter 2012 was Throughout this report, we use the term Netconducted by interviewing Employment Outlook. This figure is derived by taking the percentage of employers anticipating totala representative sample of employment to increase and subtracting from this the4,932 employers in India. percentage expecting to see a decrease in employment at their location in the next quarter. The result of thisAll survey participants calculation is the Net Employment Outlook.were asked, How do you Quarter-over-quarter, hiring prospects are considerably weaker, with the Outlook declining by 35 percentageanticipate total employment points. Year-over-year, employers report a 16 percentageat your location to change point decrease. Once the data is adjusted to account for seasonalin the three months to the variation, the Outlook stands at +27%. Employersend of December 2012 as report a considerable quarter-over-quarter decline of 18 percentage points and a 13 percentage point decreasecompared to the current year-over-year.quarter? From this point forward, all data discussed in the commentary is seasonally adjusted, unless stated otherwise. Increase Decrease No Change Dont Know Net Employment Seasonally Outlook Adjusted % % % % % % 4th Quarter 2012 19 1 55 25 +18 +27 3rd Quarter 2012 55 2 32 11 +53 +45 2nd Quarter 2012 49 1 33 17 +48 +46 1st Quarter 2012 43 2 35 20 +41 +43 4th Quarter 2011 35 1 39 25 +34 +40 80 70 60 50 40 30 20 10 0 -10 Seasonally Adjusted Outlook Net Employment Outlook -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 India joined the survey in Q3 2005. 1

4. Manpower Employment Outlook Survey IndiaRegional ComparisonEmployers in all four regions anticipate an increase in Year-over-year, hiring prospects decline in all fourpayrolls during Quarter 4 2012. The most optimistic regions. The most notable declines of 32 and 21hiring plans are reported in the North, where the Net percentage points are reported in the East and theEmployment Outlook stands at +28%. Elsewhere, South, respectively. Hiring intentions decrease by 11hopeful hiring prospects are evident in the South percentage points in the West and by 8 percentageand the West, with Outlooks of +20% and +18%, points in the North.respectively, while employers in the East report a Based on unadjusted survey data, employers in all fourcautiously optimistic Outlook of +9%. regions expect an increase in staffing levels during theWhen compared with the previous quarter, employers next three months. The most optimistic hiring plans arein all four regions report weaker hiring intentions. A reported in the North. However, hiring prospects declinesteep decline of 74 percentage points is reported in considerably in all four regions both quarter-over-the Outlook for the East. Employers in both the West quarter and year-over-year.and the South report sharp declines of 39 and 23percentage points, respectively. The Outlook for theNorth weakens by 13 percentage points. 25 North Region 28 7 East Region 9 16 South Region 20 West Region 18 18 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Net Employment Outlook Seasonally Adjusted Outlook2

5. North EastWith a Net Employment Outlook of +28%, employers Some payroll gains are expected in the East duringanticipate an active hiring pace in Quarter 4 2012. Quarter 4 2012, with employers reporting a NetHowever, the Outlook is the weakest since Quarter Employment Outlook of +9%. However, this is the3 2009, and declines by 13 percentage points when weakest forecast since the survey began in Quarter 3compared with the previous quarter. Year-over-year, 2005. When compared with the previous quarter, thehiring prospects weaken by 8 percentage points. Outlook declines by a steep margin of 74 percentage points and the Outlook weakens by 32 percentageBased on unadjusted survey data, employers report points year-over-year.healthy hiring plans for the coming quarter. However,the Outlook declines considerably both quarter-over- Based on unadjusted survey data, employers reportquarter and year-over-year. modest hiring plans for the coming quarter. The Outlook declines sharply both quarter-over-quarter and year- over-year. 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012India joined the survey in Q3 2005. India joined the survey in Q3 2005.South WestJob seekers can expect to benefit from a steady hiring Employers report hopeful hiring intentions for Quarterpace in Quarter 4 2012, according to employers who 4 2012 with a Net Employment Outlook of +18%.report a Net Employment Outlook of +20%. However, However, this is the weakest Outlook since Quarter 3hiring prospects weaken sharply both quarter-over- 2009, reflecting a steep decline of 39 percentage pointsquarter and year-over-year, declining by 23 and 21 when compared with the previous quarter. Year-over-percentage points, respectively. The Outlook for the year, hiring prospects decline by 11 percentage points.coming quarter is the weakest since the survey began Based on unadjusted survey data, employers reportin Quarter 3 2005. positive hiring intentions for the coming quarter, despiteBased on unadjusted survey data, employers forecast a sharp quarter-over-quarter decline in hiring prospects.respectable payroll gains in the next three months, Year-over-year, the Outlook is considerably weaker.but hiring prospects decline sharply both quarter-over-quarter and year-over-year. 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012India joined the survey in Q3 2005. India joined the survey in Q3 2005. 3

6. Manpower Employment Outlook Survey IndiaSector ComparisonsEmployers anticipate headcount gains in all seven percentage point decrease is reported in the Wholesaleindustry sectors during Quarter 4 2012. The most & Retail Trade sector.optimistic hiring prospects are reported in the Mining Year-over-year, employers report Outlook declines in all& Construction sector and the Finance, Insurance & seven industry sectors. The most notable decreasesReal Estate sector, with Net Employment Outlooks of of 18 percentage points are evident in the Services+38% and +32%, respectively. The Wholesale & Retail sector and the Transportation & Utilities sector.Trade sector Outlook stands at +27% and healthy hiring The Manufacturing sector Outlook declines by 17plans are evident in both the Manufacturing sector and percentage points and Outlooks weaken by 14 andthe Services sector, with Outlooks of +22% and +21%, 10 percentage points in the Wholesale & Retail Traderespectively. sector and the Public Administration & EducationQuarter-over-quarter, employers report weaker hiring sector, respectively.prospects in all seven industry sectors. Sharp declines Based on unadjusted survey data, employersof 39 and 38 percentage points are reported in the anticipate job gains in all seven industry sectors,Transportation & Utilities sector and the Services with the strongest labor markets forecast for thesector, respectively, while the Outlook for the Public Finance, Insurance & Real Estate sector, the Mining &Administration & Education sector decreases by 31 Construction sector and the Services sector. However,percentage points. Elsewhere, the Manufacturing sector hiring prospects are considerably weaker in all sevenOutlook declines by 28 percentage points and a 21 sectors both quarter-over-quarter and year-over-year. 21Finance, Insurance & Real Estate 32 17Manufacturing 22 21Mining & Construction 38 13Public Administration & Education 13 21Services 21 14Transportation & Utilities 14 15Wholesale & Retail Trade 27 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 Net Employment Outlook Seasonally Adjusted Outlook4

7. Finance, Insurance & Real Estate ManufacturingEmployers expect a brisk hiring pace in Quarter 4 With a Net Employment Outlook of +22%, employers2012, reporting a Net Employment Outlook of +32%. anticipate a healthy hiring pace in the October-However, the Outlook is the weakest since Quarter 1 December time frame. However, this is the weakest2010. Hiring prospects decline by 13 and 9 percentage Outlook since Quarter 3 2009. Hiring prospects weakenpoints, quarter-over-quarter and year-over-year, by 28 percentage points quarter-over-quarter and 17respectively. percentage points year-over-year.Based on unadjusted survey data, employers report Based on unadjusted survey data, employers forecastsolid hiring prospects for the next three months. respectable headcount gains in the coming quarter.However, the Outlook declines sharply when compared However, the Outlook declines sharply quarter-over-with the previous quarter and is also considerably quarter and is also considerably weaker year-over-year.weaker year-over-year. 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012India joined the survey in Q3 2005. India joined the survey in Q3 2005.Mining & Construction Public Administration & EducationJob seekers can expect to benefit from a prosperous Employers expect steady hiring activity in Quarter 4labor market in the next three months, according to 2012 with a Net Employment Outlook of +13%, butemployers who report a Net Employment Outlook of this is the weakest forecast since the survey began+38%. When compared with the previous quarter, the in Quarter 3 2005. The Outlook declines by a steepOutlook declines by 4 percentage points, and hiring margin of 31 percentage points quarter-over-quarterplans are 5 percentage points weaker year-over-year. and weakens by 10 percentage points year-over-year.Based on unadjusted survey data, employers Based on unadjusted survey data, employers reportforecast solid payroll gains in Quarter 4 2012 with a respectable hiring intentions for the upcoming quarter.Net Employment Outlook of +21%. However, hiring When compared with the previous quarter, however,intentions decline sharply quarter-over-quarter and are the Outlook declines sharply. Year-over-year, hiringconsiderably weaker year-over-year. prospects are considerably weaker. 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012India joined the survey in Q3 2005. India joined the survey in Q3 2005. 5

8. Manpower Employment Outlook Survey IndiaServices Transportation & UtilitiesSolid payroll gains are expected in Quarter 4 2012, Job seekers can expect a steady hiring pace inwith employers reporting a Net Employment Outlook Quarter 4 2012, according to employers who reportof +21%. However, this is the weakest Outlook since a Net Employment Outlook of +14%. Quarter-over-Quarter 2 2009. The Outlook declines by 38 percentage quarter, the Outlook weakens by a steep margin of 39points quarter-over-quarter and by 18 percentage percentage points, while employers report a decreasepoints year-over-year. of 18 percentage points year-over-year. As a result, the Outlook is the weakest since Quarter 1 2009.Based on unadjusted survey data, employers reportoptimistic hiring plans for the next three months, Based on unadjusted survey data, employers reportdespite a sharp quarter-over-quarter Outlook decline. respectable hiring intentions for the next three months,Year-over-year, hiring prospects are considerably although hiring plans weaken sharply when comparedweaker. with the previous quarter. Year-over-year, the Outlook declines considerably. 80 80 70 70 60 60 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012India joined the survey in Q3 2005. India joined the survey in Q3 2005.6

9. Wholesale & Retail TradeWith a Net Employment Outlook of +27%, employersforecast an active labor market in Quarter 4 2012.However, this is the weakest Outlook since Quarter 32009. Hiring prospects decline by 21 percentage pointsquarter-over-quarter and by 14 percentage points year-over-year.Based on unadjusted survey data, employers expect asteady hiring pace in the upcoming quarter. However,the Outlook declines sharply quarter-over-quarter. Year-over-year, hiring prospects are considerably weaker. 80 70 60 50 40 30 20 10 0 -10 Seasonally Adjusted Outlook Net Employment Outlook -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012India joined the survey in Q3 2005. 7

10. Manpower Employment Outlook Survey IndiaGlobal Employment Outlook Net Employment Outlook Qtr on Qtr Change Yr on Yr Change Quarter 4 2011 Quarter 3 2012 Quarter 4 2012 Q3 2012 to Q4 2012 Q4 2011 to Q4 2012 % % % Americas Argentina 17 (18)1 7 (8)1 3 (4)1 -4 (-4)1 -14 (-14)1 Brazil 38 31 24 -7 -14 Canada 12 (13)1 18 (12)1 9 (10)1 -9 (-2)1 -3 (-3)1 Colombia 22 (21)1 20 (18)1 19 (18)1 -1 (0)1 -3 (-3)1 Costa Rica 19 (17)1 10 (14)1 18 (16)1 8 (2)1 -1 (-1)1 Guatemala 13 (13)1 11 (12)1 14 (14)1 3 (2)1 1 (1)1 Mexico 13 (13)1 16 (15)1 17 (17)1 1 (2)1 4 (4)1 Panama 26 22 26 4 0 Peru 18 (16)1 21 (23)1 23 (21)1 2 (-2)1 5 (5)1 United States 5 (8)1 15 (11)1 8 (11)1 -7 (0)1 3 (3)1 Asia Pacific Australia 16 (15)1 9 (10)1 9 (9)1 0 (-1)1 -7 (-6)1 China 25 (21)1 17 (19)1 16 (14)1 -1 (-5)1 -9 (-7)1 Hong Kong 21 (21)1 15 (14)1 12 (11)1 -3 (-3)1 -9 (-10)1 India 34 (40)1 53 (45)1 18 (27)1 -35 (-18)1 -16 (-13)1 Japan 8 (11)1 8 (11)1 7 (10)1 -1 (-1)1 -1 (-1)1 New Zealand 23 (22)1 16 (18)1 19 (18)1 3 (0)1 -4 (-4)1 Singapore 31 (29)1 23 (23)1 19 (17)1 -4 (-6)1 -12 (-12)1 Taiwan 37 (36)1 40 (34)1 34 (32)1 -6 (-2)1 -3 (-4)1 EMEA* Austria 6 (6)1 9 (7)1 4 (4)1 -5 (-3)1 -2 (-2)1 1 1 1 1 Belgium 4 (4) 2 (2) 1 (2) -1 (0) -3 (-2)1 Bulgaria 13 13 5 -8 -8 Czech Republic 1 (0)1 1 (-2)1 0 (-1)1 -1 (1)1 -1 (-1)1 Finland -7 France 4 (4)1 4 (2)1 2 (2)1 -2 (0)1 -2 (-2)1 Germany 12 (11)1 3 (4)1 6 (5)1 3 (1)1 -6 (-6)1 1 1 1 Greece -13 (-12) 1 -9 (-14) -16 (-15) -7 (-1) -3 (-3)1 Hungary 1 -2 0 2 -1 Ireland 0 (0)1 -3 (-6)1 -7 (-7)1 -4 (-1)1 -7 (-7)1 Israel 16 17 10 -7 -6 Italy -11 (-9)1 -1 (-3)1 -11 (-9)1 -10 (-6)1 0 (0)1 Netherlands 2 (1)1 -1 (-2)1 -1 (-2)1 0 (0)1 -3 (-3)1 Norway 14 (13)1 8 (5)1 8 (7)1 0 (2)1 -6 (-6)1 Poland 7 (8)1 10 (5)1 -2 (-1)1 -12 (-6)1 -9 (-9)1 1 Romania 11 (11) 17 (11)1 13 (14)1 -4 (3)1 2 (3)1 Slovakia 2 5 -2 -7 -4 Slovenia -2 9 3 -6 5 South Africa 2 (3)1 4 (7)1 -1 (0)1 -5 (-7)1 -3 (-3)1 Spain -2 (-1)1 -4 (-6)1 -8 (-7)1 -4 (-1)1 -6 (-6)1 Sweden 11 (11)1 8 (6)1 3 (3)1 -5 (-3)1 -8 (-8)1 1 Switzerland 2 (2) -3 (0)1 5 (5)1 8 (5)1 3 (3)1 Turkey 20 27 21 -6 1 UK 2 (1)1 3 (2)1 4 (3)1 1 (1)1 2 (2)1*EMEA Europe, Middle East and Africa.1. Number in parentheses is the Net Employment Outlook when adjusted to remove the impact of seasonal variations in hiring activity. Please note that this datais not available for all countries as a minimum of 17 quarters worth of data is required.8

11. Quarter-on-Quarter Year-on-Year Movement Movement STRONGER STRONGER Switzerland 5 pts. Peru 5 pts. Panama 4 pts.* Slovenia 5 pts.* Romania 3 pts. Mexico 4 pts. Costa Rica 2 pts. Romania 3 pts. Guatemala 2 pts. Switzerland 3 pts. Hungary 2 pts.* United States 3 pts. Mexico 2 pts. United Kingdom 2 pts. Norway 2 pts. Guatemala 1 pt. Czech Republic 1 pt. Turkey 1 pt.* Germany 1 pt. Italy 0 pts. United Kingdom 1 pt. Panama 0 pts.* Belgium 0 pts. Costa Rica -1 pt. Colombia 0 pts. Czech Republic -1 pt. France 0 pts. Hungary -1 pt.* Netherlands 0 pts. Japan -1 pt. New Zealand 0 pts. Austria -2 pts. United States 0 pts. Belgium -2 pts. Australia -1 pt. France -2 pts. Greece -1 pt. Canada -3 pts. Ireland -1 pt. Colombia -3 pts. Japan -1 pt. Greece -3 pts. Spain -1 pt. Netherlands -3 pts. Canada -2 pts. South Africa -3 pts. Peru -2 pts. New Zealand -4 pts. Taiwan -2 pts. Slovakia -4 pts.* Austria -3 pts. Taiwan -4 pts. Hong Kong -3 pts. Australia -6 pts. Sweden -3 pts. Germany -6 pts. Argentina -4 pts. Israel -6 pts.* China -5 pts. Norway -6 pts. Italy -6 pts. Spain -6 pts. Poland -6 pts. China -7 pts. Singapore -6 pts. Ireland -7 pts. Slovenia -6 pts.* Bulgaria -8 pts.* Turkey -6 pts.* Sweden -8 pts. Brazil -7 pts.* Poland -9 pts. Israel -7 pts.* Hong Kong -10 pts. Slovakia -7 pts.* Singapore -12 pts. South Africa -7 pts. India -13 pts. Bulgaria -8 pts.* Agentina -14 pts. India -18 pts. Brazil -14 pts.* WEAKER WEAKER 41 Countries and Territories 41 Countries and Territories *Indicates unadjusted data. 9

12. Manpower Employment Outlook Survey IndiaManpowerGroup interviewed nearly 66,000 hiring is resulting in hiring optimism among employers in themanagers across 42 countries and territories to Commerce and the Transportation & Communicationsmeasure employer hiring expectations between October industry sectors. On the other hand, opportunities forand December 2012. Employers in Finland participate in job seekers are expected to be weakest in Greece, Italy,the research for the first time this quarter. Finland, Ireland, Spain, Slovakia, Netherlands, CzechThe Manpower Employment Outlook Survey is Republic and Poland where employers report the leastManpowerGroups quarterly index of employer hiring optimisticand only negativeglobal hiring plans.confidence. All participants were asked, How do you In the Americas, employers from all 10 countriesanticipate total employment at your location to change surveyed report positive fourth-quarter hiring intentions.in the three months to the end of December 2012 as Job prospects are strongest in Panama and Brazilcompared to the current quarter? and weakest in Argentina. Employers in Mexico reportThe fourth-quarter research reveals that uncertainty in their strongest hiring plans in over four years, driven bythe global marketplaceparticularly in Europeas well optimism among employers in Mexico City where theas signals of slowdowns in India, mainland China and Outlook is the most optimistic since the survey beganBrazil, is contributing to a generally weaker forecast. The there in 2002.overall hiring pace is expected to lose momentum on Globally, the strongest hiring plans are reported byboth a quarter-over-quarter and year-over-year basis, employers in Taiwan; the hiring pace is expected tobut hiring intentions still remain positive in nearly three- remain robust, but job prospects are trending weaker asquarters of the countries and territories included in the employers scale back their hiring plans in response tosurvey. However, there is little evidence of overwhelming a softer export market. Like their counterparts in India,enthusiasm on the part of employers to add to their employers in mainland China are reporting generallypayrolls as Outlooks improve or remain relatively stable weaker hiring intentions despite an overall Outlook thatin only 15 countries and territories when compared to remains positive in all industry sectors and regions.Quarter 4 2011. Elsewhere, the Australian Outlook edges downwardThe fourth quarter results are also notable for the decline for the sixth consecutive quarter and now stands at itsin optimism among employers in India where the hiring weakest level since Quarter 4 2009.pace is expected to remain active despite a considerably The European debt crisis remains a persistent drag onweaker Outlook in both quarter-over-quarter and year- the confidence of employers throughout much of theover-year comparisons. Meanwhile, despite pockets of Europe, Middle East & Africa (EMEA) region. However,resilience, hiring plans among most European employers job seekers may find some pockets of opportunity;have shifted down a gear as many remain concerned viewed from a year-over-year perspective, job prospectsthat the sovereign debt crisis threatens to drag the are marginally stronger in Switzerland, Romania andentire eurozone toward another recession. In the U.S., Slovenia. Hiring intentions also grow slightly in the Unitedemployers expect the hiring pace to remain at similarly Kingdom despite threats that the countrys double-dipsteady levels seen throughout the past year, with positive recession will intensify. Elsewhere, the story is lessforecasts reported by employers in all sectors and promising. The nine negative Outlooks reported thisregions surveyed. quarter are all from the EMEA region, with employers inWorldwide, hiring expectations are strongest in Taiwan, Poland and Slovakia reporting negative hiring plans forIndia and Panama where preparations for the launch of the first time since starting the survey.the new canal expansion project, as well as the October * Commentary is based on seasonally adjusted dataratification of the Free Trade Agreement with the U.S., where available.Survey Respondents by RegionResearch for the Quarter 4 2012 Manpower Asia Pacific 24%Employment Outlook Survey involved surveying nearly66,000 human resources directors and senior hiring Americasmanagers from public and private organizations 45%worldwide. 45% of respondents come from 10 EMEAcountries in the Americas; 24% from eight countries 31%and territories across Asia Pacific; and 31% from 24countries in EMEA.10

13. International Comparisons Asia PacificNearly 16,000 employers across Australia, China, Hong of a general hiring slowdown, with many IT and ITesKong, India, Japan, New Zealand, Singapore and employers indicating they will actually freeze hiring in theTaiwan were interviewed to measure expected fourth- quarter ahead. Although 40 percent fewer employersquarter hiring activity. Positive Outlooks are reported say they will hire compared to three months ago, morethroughout the region with employers in Taiwan, India than half expect to keep their current workforces intactand New Zealand reporting the most confident hiring through the fourth quarter and only 1 percent intend toplans, and those in Australia reporting the weakest reduce payrolls.hiring intentions. In mainland China, the Net Employment Outlook sinksPositive Net Employment Outlooks are reported in each to its weakest level in nearly three years; positive hiringof the eight countries and territories. However, employer plans are reported in all sectors and regions despitehiring plans are generally weaker and opportunities for declines in most in quarter-over-quarter comparisonsjob seekers in all countries and territories are expected and in all when compared year-over-year. The hiringto decline or remain relatively stable both quarter-over- pace is expected to remain strong in the Services andquarter and year-over-year. Transportation & Utilities industry sectors. Regionally, hiring plans are strongest in Beijing and weakest inTaiwans robust Outlook is fueled by expectations of Chengdu despite the ongoing transfer of businessa vigorous labor market in the Services sector where, operations to the countrys inland and western regionsin response to continuing demand in the Tourism in response to growing operational costs in the coastalsubsector, nearly half of all employers intend to add to areas and sluggish overseas demand.their workforces in the last three months of the year. Japans Net Employment Outlook remains cautiouslyElsewhere, Indias Net Employment Outlook weakens optimistic despite moderate declines both quarter-over-noticeably in the fourth quarterhiring plans decline quarter and year-over-year in the countrys importantin all seven industry sectors and in all regions in both Manufacturing sector. And in Australia, employerquarter-over-quarter and year-over year comparisons, hiring plans soften for the sixth consecutive quarter,and the Net Employment Outlook is the weakest since depressing job prospects to the weakest level since thethe third quarter of 2009. However, the forecast does fourth quarter of 2009.not indicate widespread layoffs. Instead, there are signsAustralia China 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012No bar indicates Net Employment Outlook of zero. China joined the survey in Q2 2005. 11

14. Manpower Employment Outlook Survey IndiaHong Kong India 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012No bar indicates Net Employment Outlook of zero. India joined the survey in Q3 2005.Japan New Zealand 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 New Zealand joined the survey in Q2 2004. No bar indicates Net Employment Outlook of zero.Singapore Taiwan 70 50 60 50 40 40 30 30 20 20 10 0 10 -10 -20 0 -30 -40 -10 -50 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -60 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012No bar indicates Net Employment Outlook of zero. Taiwan joined the survey in Q2 2005.12

15. International Comparisons AmericasManpowerGroup interviewed nearly 30,000 employers data reveals that for the second consecutive quarterfrom 10 countries in North, Central and South America employers in all 50 states expect jobs to increase in theto measure expected hiring activity in Quarter 4 2012. next three months. Meanwhile, job seekers in MexicoPositive hiring expectations for the October-December City can expect to benefit from the most buoyant hiringtime frame are reported in each country. Opportunities plans since the Mexican survey started in 2002. Strongfor job seekers are expected to improve or remain demand is also reported by employers in the Transportstable in six countries both quarter-over-quarter and & Communications and Mining & Extraction industryyear-over-year. Job prospects are strongest in Panama, sectors.Brazil and Peru, and weakest in Argentina. For the fourth consecutive quarter, confidence amongLed by expectations of a robust hiring pace in the employers in Perus Finance, Insurance & Real EstateCommerce and Transportation & Communications sector is adding fuel to the countrys solid hiring pace.sectors, prospects for Panamas job seekers are bright Meanwhile, Brazilian hiring plans decline for the secondand are expected to get a boost from the countrys consecutive quarter and are now at the weakest levelimproving position as a trade partner with the U.S., in three years. In an effort to reverse declining growthTaiwan and several European countries. The forecast numbers, the government is proposing a secondmatches the strongest Outlook reported in the country round of stimulus measures focused on the countryssince the survey started. transportation infrastructure. In Argentina, employer confidence falls for the sixth consecutive quarter, andWhile forecasts in the U.S. and Mexico remain below the generally confident employers in the countrystheir historical averages, fourth-quarter hiring intentions Mining & Construction sector report the first negativein both countries are the most optimistic since the Outlook in three years. Canadas hiring plans fall forthird quarter of 2008. The hopeful Outlook reported in the third consecutive quarter, but the Net Employmentthe United States is unchanged quarter-over-quarter Outlook remains cautiously optimistic and is boosted,and is led by favorable hiring plans in the Wholesale in part, by upbeat hiring projections in the Mining and& Retail Trade, Leisure & Hospitality and Professional Transportation & Public Utilities industry sectors.& Business Services sectors. The fourth-quarterArgentina Brazil 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Argentina joined the survey in Q1 2007. Brazil joined the survey in Q4 2009. 13

16. Manpower Employment Outlook Survey IndiaCanada Colombia 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Colombia joined the survey in Q4 2008.Costa Rica Guatemala 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Costa Rica joined the survey in Q3 2006. Guatemala joined the survey in Q2 2008.Mexico Panama 50 60 40 50 30 40 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012No bar indicates Net Employment Outlook of zero. Panama joined the survey in Q2 2010.Peru USA 60 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Peru joined the survey in Q2 2006. No bar indicates Net Employment Outlook of zero.14

17. International Comparisons EMEAMore than 20,000 employers across 24 countries in compared to three months ago. However, the fourth-the Europe, Middle East and Africa (EMEA) region quarter research reveals a weakening trend throughoutwere interviewed to gauge anticipated hiring activity the region in the Manufacturing sector, with hiringfor Quarter 4 2012. Employers in Finland participate in set to slow in 17 of the 24 countries. This projectedManpowerGroups labor market research for the first slowdown is most evident in Poland where twice astime in the fourth quarter. many employers expect to shed staff compared to three months ago.Fourth-quarter hiring expectations are positive in only13 of 24 countries with Net Employment Outlooks Elsewhere, hiring optimism among Turkish employersimproving or remaining stable from three months ago is boosted by a considerably improved forecast in thein 13 labor markets. The year-over-year analysis also Pharmaceutical sector in anticipation of a brisk fourth-reveals that many employers are scaling back their quarter hiring pace. In Norway, the petroleum sectorhiring plans; job prospects weaken in 15 labor markets, continues to drive labor demand. Engineers are inand employers in nine European countries report particularly short supply, and employers in this sector,negative hiring intentions for the last three months of as well as those in Healthcare and Services have foundthe year. Opportunities for job seekers are expected to it necessary to routinely recruit from abroad to securebe strongest in Turkey, Romania, Israel and Norway and the talent they need. Opportunities for job seekersweakest in Greece and Italy. in Switzerland are also expected to improve in both quarter-over-quarter and year-over-year comparisons,Despite ongoing instability in the eurozone, the driven, in part, by three consecutive quarters of steadyFrench, German and UK labor markets exhibit some improvement in the countrys Wholesale & Retail Traderesiliency and hiring intentions remain relatively stable sector.Austria Belgium 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012No bar indicates Net Employment Outlook of zero. No bar indicates Net Employment Outlook of zero.Bulgaria Czech Republic 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Bulgaria joined the survey in Q1 2011. Czech Republic joined the survey in Q2 2008. No bar indicates Net Employment Outlook of zero. 15

18. Manpower Employment Outlook Survey IndiaFinland France 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Finland joined the survey in Q4 2012. No bar indicates Net Employment Outlook of zero.Germany Greece 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Seasonally Adjusted Outlook Net Employment Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Greece joined the survey in Q2 2008. No bar indicates Net Employment Outlook of zero.Hungary Ireland 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Hungary joined the survey in Q3 2009. No bar indicates Net Employment Outlook of zero.No bar indicates Net Employment Outlook of zero.Israel Italy 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Israel joined the survey in Q4 2011. No bar indicates Net Employment Outlook of zero.16

19. Netherlands Norway 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012No bar indicates Net Employment Outlook of zero.Poland Romania 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Poland joined the survey in Q2 2008. Romania joined the survey in Q2 2008. No bar indicates Net Employment Outlook of zero.Slovakia Slovenia 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Net Employment Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Slovakia joined the survey in Q4 2011. Slovenia joined the survey in Q1 2011. No bar indicates Net Employment Outlook of zero.South Africa Spain 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012South Africa joined the survey in Q4 2006. No bar indicates Net Employment Outlook of zero.No bar indicates Net Employment Outlook of zero. 17

20. Manpower Employment Outlook Survey IndiaSweden Switzerland 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Seasonally Adjusted Outlook Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012No bar indicates Net Employment Outlook of zero. Switzerland joined the survey in Q3 2005. No bar indicates Net Employment Outlook of zero.Turkey UK 50 50 40 40 30 30 20 20 10 10 0 0 -10 -10 Net Employment Outlook Seasonally Adjusted Outlook Net Employment Outlook -20 -20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Turkey joined the survey in Q1 2011. No bar indicates Net Employment Outlook of zero.18

21. About the SurveyThe Manpower Employment Outlook Survey is conducted Net Employment Outlookquarterly to measure employers intentions to increase ordecrease the number of employees in their workforces during Throughout this report, we use the term Net Employmentthe next quarter. The survey has been running for 50 years Outlook. This figure is derived by taking the percentageand is one of the most trusted surveys of employment activity of employers anticipating an increase in hiring activity andin the world. Various factors underpin the success of the subtracting from this the percentage of employers expectingManpower Employment Outlook Survey: to see a decrease in employment at their location in the next quarter. The result of this calculation is the Net EmploymentUnique: It is unparalleled in its size, scope, longevity and area Outlook.of focus.Projective: The Manpower Employment Outlook Survey is Seasonal Adjustmentthe most extensive, forward-looking employment survey in Seasonal adjustments have been applied to the data forthe world, asking employers to forecast employment over the Argentina, Australia, Austria, Belgium, Canada, Colombia,next quarter. In contrast, other surveys and studies focus on Costa Rica, China, the Czech Republic, France, Germany,retrospective data to report on what occurred in the past. Greece, Guatemala, Hong Kong, India, Ireland, Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Peru,Independent: The survey is conducted with a representative Poland, Romania, Singapore, South Africa, Spain, Sweden,sample of employers from throughout the countries in which Switzerland, Taiwan, the United Kingdom and the Unitedit is conducted. The survey participants are not derived from States to provide additional insight into the survey data.Manpowers customer base. These adjustments make it possible to review the data without the employment fluctuations that normally occur atRobust: The survey is based on interviews with nearly the same time each year, thus providing a clearer picture of66,000 public and private employers across 41 countries the data over time. ManpowerGroup intends to add seasonaland territories to measure anticipated employment trends adjustments to the data for other countries in the future, aseach quarter. This sample allows for analysis to be performed more historical data is compiled. Note that in Quarter 2 2008,across specific sectors and regions to provide more detailed ManpowerGroup adopted the TRAMO-SEATS method ofinformation. seasonal adjustment for data.Focused: For nearly five decades, the survey has derived allof its information from a single question.Survey QuestionAll employers participating in the survey worldwide are askedthe same question, How do you anticipate total employmentat your location to change in the three months to the end ofDecember 2012 as compared to the current quarter?MethodologyThe Manpower Employment Outlook Survey is conductedusing a validated methodology, in accordance with thehighest standards in market research. The research team forthe 42 countries and territories where the survey is currentlyconducted includes ManpowerGroups internal researchteam and Infocorp Ltd. The survey has been structured to berepresentative of each national economy. The margin of errorfor all national, regional and global data is not greater than+/- 3.9%. 19

22. Manpower Employment Outlook Survey IndiaHistory of the Survey1962 First generation of the Manpower Employment Outlook 2007 ManpowerGroup operations in Argentina join the Survey launched in the United States and Canada. Manpower Employment Outlook Survey. The survey in1966 ManpowerGroups United Kingdom operation launches New Zealand adds seasonally adjusted data in the first the equivalent of the United States survey, naming the quarter. report the Quarterly Survey of Employment Prospects. 2008 ManpowerGroup operations in Colombia, the Czech The survey adopts the same forward looking research Republic, Greece, Guatemala, Poland and Romania format as the United States survey and is the first of its join the survey program. China and Taiwan add kind in Europe. seasonally adjusted data in the second quarter. India1976 Second generation of the Manpower Employment and Switzerland add seasonally adjusted data in the Outlook Survey launched in the United States and third quarter. Canada. Research methodology is updated to evolve 2009 ManpowerGroup operations in Hungary and Brazil with advancements in the field of market research. launch the Manpower Employment Outlook Survey.2002 ManpowerGroup United Kingdoms Quarterly Survey of Employment Prospects is updated to adopt an 2010 ManpowerGroups Panama operation launches the enhanced research metho