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GREEN SHOOTS CONFIRMED BY INCREASED EXECUTIVE SEARCH ACTIVITY

GREEN SHOOTS CONFIRMED BY INCREASED EXECUTIVE SEARCH ACTIVITY

Quarter Two Data Shows Job Recovery Beginning in Technology, Financial and Consumer Goods Sectors

Positive economic indicators were revealed today by the Association of Executive Search Consultants (AESC) as second quarter data showed signs of recovery within the senior executive recruitment industry. The decline in executive search activity brought on by the recession has ended with a stabilized second quarter rising one per cent over the first quarter of 2009, attributable to increased searches in technology, financial services, consumer and non-profit.

Senior executive searches in the technology and financial sectors, which both saw quarterly declines in Q1 2009, rose four per cent in quarter two. Similarly, the consumer goods sector witnessed its first green shoot with a one per cent increase from first quarter levels. This sectors strength was highlighted in the AESCs Mid-year Outlook Report where consumer goods experienced the greatest improvement in demand for executive search during April and May and was among those rated highest, along with technology, in terms of current stability and predicted growth for the second half of 2009.

Second quarter figures confirm that the first six months of this year have been a serious setback for the search industry but that were seeing a leveling off in declines and even a slight increase in the number of searches started. This quarterly stabilization indicates that organisations are beginning to pull back from the hiring freeze that shaped the early part of this recession as senior management gear up for economic recovery, stated AESC President, Peter Felix.

The quarterly trend in retained search industry revenues showed encouraging signs with a mere four per cent quarter two drop compared to a 26 per cent decline from Q4 08 to Q1 09.

From a regional perspective, executive searches started in North America, Asia Pacific and Central/South America were on the rise in quarter two against quarter one, whilst Europe experienced a seven per cent quarterly fall. The UK however felt a five per cent increase in the hiring of senior management from Q1 09 to Q2 09 and witnessed only a third of the annual decline that it did last quarter.

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