France “desperately” needs to boost the competitiveness and attractiveness of its labor market, Adecco Chief Executive Alain Dehaze told CNBC, adding to the continuing debate over France’s working practices.
His comments come as Adecco, the world’s biggest staffing group, posted a surprise half-billion euro ($542,000) net loss in the third quarter due to a 740 million euro ($804.53 million) impairment of goodwill after regulatory changes in Germany and a weaker macroeconomic outlook in certain markets, the group said.
The earnings showed divergence in the regions, with emerging markets and southern Europe growing strongly and sluggish growth in France and the U.S., two of Adecco’s key markets. Dehaze defended the growth figures, however, saying growth was slow but sure.
“Europe grew 3 percent this quarter, North America slowed down slightly from 2 to 1 percent and Japan and the rest of the world grew 10 percent. As we announced, France is slowly but surely recovering, we have always said this country would be the latest one. We see very strong development in Italy and in Spain, without double-digit growth.”