ManpowerGroup 8K Manpower Reports 2nd Quarter and First Half 2006 Results | MAN 19 Jul 06

Manpower Inc.

2006 2

Quarter Results

Now

July 19, 2006

Exhibit 99.2

Manpower

Inc.

2006

Quarter

Results

Forward Looking Statement

This presentation includes forward-looking statements which are

subject to risks and uncertainties. Actual results might differ

materially from those projected in the forward-looking statements.

Forward-looking statements can be identified by words such as

“expect,”

“plan,”

“may,”

“will,”

and similar expressions. Additional

information concerning factors that could cause actual results to

materially differ from those in the forward-looking statements is

contained in the Company’s Annual Report on Form 10-K dated

December 31, 2005, which information is incorporated herein by

reference, and such other factors as may be described from time to

time in the Company’s SEC filings.

Manpower

Inc.

2006

Quarter

Results

Consolidated Financial Highlights

Operating Profit

$139M

OP Margin

3.1%

29% CC

Revenue

$4.4B

Gross Margin

18.4%

EPS

$ .91

10%

10% CC

15 bps

40 bps

30%

27%

27% CC

Q2 Highlights

Throughout this presentation, the difference between reported variances and Constant Currency

(CC) variances represents the impact of currency on our financial results. Constant Currency is

further explained on our Web site.

Manpower

Inc.

2006

Quarter

Results

18.39%

18.24%

16%

17%

18%

19%

Q2 2005

Temporary

Recruitment

Permanent

Recruitment

Mix - Right

Q2 2006

- 0.31%

+ 0.27%

+ 0.19%

Consolidated Gross Profit Margin Change

Manpower

Inc.

2006

Quarter

Results

United States Segment

Q2 Financial Highlights

OUP Margin

4.2%

70 bps

Revenue

$535M

OUP

$22M

25%

Operating Unit Profit (OUP) is the measure that we use to evaluate segment

performance.

OUP

equal

segment

revenues

less

direct

costs

and

branch

and

national headquarters operating costs.

Manpower

Inc.

2006

Quarter

Results

contemporary working

France Segment

Q2 Financial Highlights

OUP Margin

3.2%

Revenue

$1.5B

OUP

$50M

10%

10% CC

20 bps

18%

18% CC

Manpower

Inc.

2006

Quarter

Results

EMEA Segment

contemporary working

Q2 Financial Highlights

OUP Margin

3.2%

Revenue

$1.6B

OUP

$52M

11%

12% CC

60 bps

36%

35% CC

Manpower

Inc.

2006

Quarter

Results

16%

13%

-11%

11%

25%

-9%

11%

14%

15%

26%

22%

21%

26%

Other

Holland

Spain

Germany

Elan

UK - Manpower

Nordics

Italy

EMEA –

Q2 Revenue Growth YoY

Revenue Growth -

Revenue Growth

% of Segment

Revenue

18%

14%

12%

17%

Manpower

Inc.

2006

Quarter

Results

Jefferson Wells Segment

contemporary working

Q2 Financial Highlights

OUP Margin

10.2%

Revenue

$99M

OUP

$10M

20 bps

Manpower

Inc.

2006

Quarter

Results

Right Management Segment

contemporary working

Q2 Financial Highlights

OUP Margin

10.6%

Revenue

$104M

OUP

$11M

4% CC

200 bps

19%

18% CC

Manpower

Inc.

2006

Quarter

Results

Other Operations Segment

contemporary working

Q2 Financial Highlights

OUP Margin

2.6%

Revenue

$577M

OUP

$15M

11%

14% CC

10 bps

13%

18% CC

Manpower

Inc.

2006

Quarter

Results

31%

27%

28%

29%

-1%

-3%

Other

Mexico

Australia/NZ

Japan

Other Operations –

Q2 Revenue Growth YoY

Revenue Growth -

Revenue Growth

% of Segment

Revenue

37%

15%

33%

Manpower

Inc.

2006

Quarter

Results

Financial Highlights

Manpower

Inc.

2006

Quarter

Results

39%

29%

26%

32%

10%

20%

30%

40%

2003

2004

2005

Q2 2006

416

370

280

842

902

735

1,048

200

400

600

800

1,000

1,200

2003

2004

2005

Q2 2006

Total Debt

Net Debt

Balance Sheet Highlights

Total Debt

($ in millions)

Total Debt to

Total Capitalization

Manpower

Inc.

2006

Quarter

Results

* 1,970,300 shares in 2006 and 5,000,000 shares in 2005

Proceeds from Sale of Business

Cash Flow Summary –

First Half

2006

2005

Cash from Operations

136

Capital Expenditures

(35)

(36)

Free Cash Flow

101

Share Repurchases *

(119)

(204)

Change in Debt

251

(32)

Other

(4)

Change in Cash

313

(169)

($ in millions)

Proceeds from Stock Option

and Purchase Plans

Manpower

Inc.

2006

Quarter

Results

14-16%

Third Quarter Outlook

Revenue

U.S.

Up 1-3%

France

11-13%

(Up 8-10% CC)

EMEA

(Up 11-13% CC)

Jefferson Wells

Right

Down 1-3%

(Down 3-5% CC)

Other

Up 12-14%

(Up 14-16% CC)

Total

Up 10-12%

(Up 8-10% CC)

Gross Profit Margin

18.2 -

18.4%

Operating Profit Margin

3.2 -

3.4%

Tax Rate

36.5%

EPS

$1.00 -

$1.04

(Pos. $.02 Currency)

Down 6-8%

2006 2

Quarter Results

Questions?

Answers

July 19, 2006

2006 2

Quarter Results

Appendix

July 19, 2006

Manpower

Inc.

2006

Quarter

Results

Revenue:

France

1,241

1,238

EMEA

1,433

1,343

16%

OUP:

France

17%

EMEA

59%

74%

France and EMEA Restatement -

2006

($ in millions)

2006

2005

Var

CC Var

Q1 Restated

Manpower

Inc.

2006

Quarter

Results

Revenue:

France

1,238

1,131

1,397

1,273

10%

EMEA

1,343

1,146

17%

12%

1,430

1,208

18%

14%

OUP:

France

-2%

-7%

EMEA

-1%

45%

40%

Revenue:

France

2,635

2,404

10%

EMEA

2,773

2,354

18%

13%

OUP:

France

-1%

EMEA

31%

26%

France and EMEA Restatement -

2005

($ in millions)

2005

2004

Var

CC Var

Q1 Restated

2005

2004

Var

CC Var

Q2 Restated

YTD Restated

Manpower

Inc.

2006

Quarter

Results

Revenue:

France

1,479

1,395

1,362

1,401

-3%

EMEA

1,401

1,312

1,487

1,445

12%

OUP:

France

-9%

-8%

-14%

-6%

EMEA

35%

36%

30%

42%

Revenue:

France

4,114

3,799

5,476

5,200

EMEA

4,174

3,666

14%

11%

5,661

5,111

11%

OUP:

France

121

124

-2%

-5%

169

179

-6%

-5%

EMEA

33%

30%

152

115

32%

35%

France and EMEA Restatement -

2005

($ in millions)

2005

2004

Var

CC Var

Q3 Restated

2005

2004

Var

CC Var

Q4 Restated

YTD Restated

ManpowerGroup (MAN) 8-KManpower Reports 2nd Quarter and First Half 2006 Results