The latest ManpowerGroup Employment Outlook Survey reveals hiring optimism continues to moderate.
Globally, the Net Employment Outlook for Q2 2024 is +22%, declining by -2% annually and -4% quarterly.
Organizations in North America (+31%) reported the strongest hiring intentions, followed by Asia Pacific (+27%), Central and South Americas (+19%) and Europe, the Middle East, and Africa (+15%)
The survey found the IT sector has the highest hiring Outlook globally, followed by Financials & Real Estate, and Healthcare & Life Sciences.
Employer hiring intentions continue to moderate for the second quarter of 2024. According to the latest ManpowerGroup Employment Outlook Survey, the Net Employment Outlook (NEO) stands at +22% for Q2, down -2% year-over-year and -4% from Q1. The research is based on data collected from more than 40,000 employers in 42 countries between January 2-31, 2024.
Q2 KEY FINDINGS
Global Outlooks softened by -2% since Q2 2023 and -4% from Q1 2024.
The strongest Net Employment Outlook level is anticipated in North America (+31%), followed by Asia Pacific (+27%), Central and South Americas (+19%) and Europe, the Middle East, and Africa (+15%).
By country, the strongest Net Employment Outlook levels are reported in India (+36%), the U.S. (+34%), and China, Costa Rica, and the Netherlands all at +32%, with the weakest in Romania (-2%), Israel (-1%), and Argentina (+1%).
Employers in India (+6%), Hungary (+5%), Belgium (+4%), and the U.S. (+4%) reported the largest year-over-year increases in Net Employment Outlook levels, while Panama (-25%), Hong Kong, Israel, Norway, and Romania, each at -14%, posting the lowest levels.
The IT industry continued to have the brightest global hiring outlook at +34%, followed by Financials & Real Estate (+29%), and Health Care & Life Sciences (+28%).
GLOBAL HIRING PLANS BY REGION
North America: Despite a slight decline from Q1 2024 (-3%), North American employers remain the most optimistic with a +31% Outlook, which is up +1% from Q2 2023.
Employers in the U.S. (+34%) reported the strongest hiring intentions, followed by Canada (+22%), and Puerto Rico (+14%).
The U.S. reports the strongest industry Outlooks for IT at +51% and Financial Services & Real Estate at +50%.
Central & South America: At +19%, hiring projections declined both annually (-8%) and quarterly (-9%).
Strongest intentions are by employers in Costa Rica (+32%), Mexico (27%), and Guatemala (+26). Argentina (+1%), Chile (+10%), and Panama (+15%) have the weakest Outlooks.
Industrials & Construction and Transport & Logistics industries lead in strongest Outlooks.
Asia Pacific (APAC): Hiring managers across the region anticipate the second strongest regional Outlook (+27%), unchanged year-over-year, but a -3% decline from last quarter.
Employers in India (36%) and China (32%) report the strongest Outlooks in the region, while the most cautious Outlooks were reported by employers in Japan (11%) and Taiwan (12%).
The strongest Outlooks globally for the Communication Services industry sector are reported by employers in Hong Kong (60%) and Energy & Utilities in China (37%).
Europe, the Middle East, and Africa (EMEA): Employers in EMEA temper hiring efforts resulting in a +15% regional Outlook, decreasing by -4% year-over-year, and -6% since Q1 2024.
The Netherlands and South Africa lead with +32% and +29% respectively. Weakest is Romania with -2% expected workforce decline.
The strongest hiring intentions globally for the Consumer Goods & Services industry are reported by employers in Switzerland (41%); Health Care & Life Sciences in South Africa (45%); and Transport and Logistics & Automotive in the Netherlands (44%).