tmp issues relecting recruitment industry in general?

the guys from shortlist brought us news of downsizing at TMP (full article produced below) - one of Australia's Tier 1 Recruitment Advertising Agency. This announcement comes after Adcorp (one of TMP's competitors) posted impressive profit results not so long ago.
So the question is, are TMP losing business to Adcorp or are the TMP woes reflecting a sluggish recruitment market in general. Is this a portent of things to come??



My sense is that TMP have struggled since being taken out by the new owner a few years back and have never been able to aggressively reposition themselves. They have become sluggish and are now paying the price. Adcorp and HMA Blaze to a lesser extent appear to have circled TMP and gone in for the kill.



having said all that, you cant help but feel that the slowdown in recruitment has contributed to this as well

any other ideas??

Shortlist Article:

TMP downsizing

Employment marketing and branding company TMP Worldwide is understood to have announced a round of layoffs this week.

Insiders say 17 people will leave the company's various offices around Australia after a number of key account losses.

TMP chief executive Alex Walker and head of agency Todd August did not respond to Shortlist's requests for comment today.