Americas Business & Information Services

Latest edition · October 2, 2026

Americas Business & Information Services September temp staffing trends remain subdued, reinforcing our cautious stance on RHI

September 2026 US temp staffing indicators softened further, with temp penetration edging down to 1.56% and annual temp job growth muted at 0.6%. Goldman Sachs reiterates Sell on Robert Half, Neutral on ManpowerGroup, and Buy on Korn Ferry.

Goldman Sachs assesses that US temp staffing conditions remained subdued in September 2026, with temp penetration falling to 1.56% (the second-lowest level in six years) and job growth muted at 0.6% y/y amid negative revisions. Analysts view cyclical softness as aggravated by structural AI headwinds affecting white-collar placements. Consequently, they maintain a Sell rating on Robert Half (target $29) given ongoing Protiviti consulting weakness, maintain Neutral on ManpowerGroup (target $57) due to margin friction despite European recovery, and reiterate Buy on Korn Ferry (target $94) on resilient contracted revenue and upside from the AMS acquisition.

Key takeaways from the latest edition

• 1.US temp staffing penetration fell to 1.56% in September 2026, marking a near six-year low and standing three standard deviations below its February 2022 peak.
• 2.Goldman Sachs reiterates a Sell rating on Robert Half (RHI) due to white-collar temp exposure vulnerable to AI disintermediation and prolonged weakness in Protiviti consulting.
• 3.ManpowerGroup (MAN) remains Neutral as European stabilization and AI initiatives are offset by gross margin pressure, while Korn Ferry (KFY) is maintained at Buy supported by contracted revenue resilience and the AMS acquisition.

What this series covers

• Temp penetration lower m/m in September.
• Temp job growth remains muted in September.
• Temp wage growth remains solid.
• RHI's Protiviti weakness pushes recovery further out.
• MAN supported by European recovery and early AI benefits.
• KFY benefiting from labor market megatrends and revenue diversification.
• Valuation and Risks

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