Manpower Reports 2nd Quarter and First Half 2001 Results; Earnings Per Share Decline 8% for 2nd Quarter on a 3% Revenue Decline

MILWAUKEE, WI, USA, July 19, 2001 - Manpower Inc. (NYSE: MAN) today reported that net income for the three months ended June 30, 2001 declined 9 percent to $34.6 million, or 45 cents per diluted share, from $38.0 million, or 49 cents per diluted share, a year earlier. Revenues for the second quarter totaled $2.6 billion, a decline of 3 percent from the year-earlier period. The gross profit margin improved to 18.7 percent in the quarter from 17.6 percent the prior year as gross margin improvements were realized in several of the company's markets including France, the U.S. and the U.K. Results for the second quarter were once again affected by relatively weaker foreign currencies compared to the prior year period. On a constant currency basis, earnings per share for the quarter were ahead of prior year at 50 cents on a 3 percent revenue gain.

"Our customers across the U.S. are reducing their overall workforce to more accurately reflect the slowing demand for their products and services. In turn, this has reduced our sales significantly. Not surprisingly, we are now witnessing this "flexing" moving into Europe," Manpower President and CEO, Jeffrey A. Joerres stated. "Although the economic environment has deteriorated, we have not reduced our focus on our key strategic initiatives. I continue to be pleased with our improving gross profit margin. This reflects our continuing efforts to re-balance our business mix as well as the strength and value that the Manpower brand brings to our customers."

Commenting on the outlook for the second half of the year, Joerres added, "The global economic slowing will continue to challenge revenue and profit growth for the balance of the year. Given the current economic environment, forecasting with any degree of certainty becomes difficult, however, we now expect earnings for the full year to decline in the range of 13 percent in constant currency, which would be in the range of $1.80 per share. We estimate earnings for the third quarter to be between 48 cents and 52 cents per share."

Net income for the six months ended June 30, 2001 totaled $61.5 million or 80 cents per diluted share, down 3 percent from $63.6 million, or 82 cents per diluted share in 2000. Revenues for the six-month period matched the prior year at $5.3 billion. On a constant currency basis, earnings per share for the six-month period rose 9 percent on a revenue increase of 6 percent.

In conjunction with its second quarter earnings release, Manpower will broadcast its conference call live over the Internet on July 19, 2001 at 9:00 a.m. CDT (10:00 a.m. EDT). Interested parties are invited to listen by logging on to http://investor.manpower.com.

Manpower Inc. is a world leader in the staffing industry, providing workforce management services and solutions to customers through 3,800 offices in 59 countries. The firm annually provides employment to more than 2.7 million people worldwide and is an industry leader in employee assessment and training. Manpower also offers organizational performance consulting services worldwide through its independent operating division, The Empower Group. More information on Manpower Inc. can be found at the company's website, www.manpower.com. More information can also be found about The Empower Group at its website, www.empowergrp.com.

This news release contains statements, including earning projections, that are forward-looking in nature and, accordingly, are subject to risks and uncertainties regarding the Company's expected future results. The Company's actual results may differ materially from those described or contemplated in the forward-looking statements. Factors that may cause the Company's actual results to differ materially from those contained in the forward-looking statement can be found in the Company's reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2000, which information is incorporated herein by reference.