Job seekers are not yet donning sandwich boards bearing the famous Depression-era plea: “Will work for food.” But job markets are deteriorating fast – as shown starkly by figures from staffing companies. Swiss-based Adecco, the world’s biggest, on Wednesday reported a surprise fourth-quarter loss on sales down 14 per cent year on year, and said revenues in January fell 25 per cent. Its shares hit a 12-year low. Last week, Hays of the UK signalled a similar decline, while Dutch rival Randstad scrapped its dividend for the first time after a lossmaking fourth quarter. Manpower, the US leader, expects to dip into the red this quarter, with constant currency revenues down 15 per cent.

For staffing agencies, things are unlikely to improve soon – job losses persist long after economies begin to turn. Stimulus packages agreed round the world are unlikely to make life much better – though hiring lawyers, accountants, risk managers and compliance officers to work on bank clean-ups could keep agencies’ professional arms ticking over.