Hiring Confidence Dips as Employers Weather Economic Headwinds 

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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. 

“After years of the post-pandemic economy clicking along at breakneck speed, a cooldown was inevitable,” said ManpowerGroup Chairman and CEO Jonas Prising. “Still, demand remains strong for skilled talent. Given the global talent shortage, we expect hiring managers to get creative in this climate, whether it’s upskilling current staff or through more targeted recruitment, as businesses gauge conditions over the coming months.” 

Used internationally as a bellwether of economic and labor market trends, the NEO is calculated by subtracting the percentage of employers who anticipate reductions in staffing levels from those who plan to hire. 

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%).