The Macro Outlook on the Jobs Market
The global economic outlook is more optimistic today than it was a year ago. Despite a mild technical recession in 2023, the Eurozone economy returned to growth in the first quarter of this year. The IMF expects global growth to strengthen, aided by lower energy prices, interest rates, and inflation. While the Eurozone’s recovery remains tepid, the ECB is likely to begin gradually loosening monetary policy from this month onwards.
The economic readjustment in 2023 marked a shift from the highs of 2022, with the market reverting closer to the norm. This transition was challenging, particularly for the technology sector, which had to resize to adapt. Despite redundancies in technology and fintech since 2022, the economic outlook remains positive. The labour market is tight, with record employment levels and an unemployment rate of just 4.3%, impacting talent acquisition across various industries.
The Micro Outlook on the Jobs Market
Q1 2024 kicked off with an air of optimism, but the uplift that was expected never materialised. This is primarily due to the global economic and geo-political risks perceived, both by talent and hiring managers investing in talent. Q1 2024 was relatively flat in comparison to with Q1 2023.
However, Q2 2024 has certainly been more upbeat with job opportunities up 20% on Q1 and subsequently the options for talent have increased marginally. While risk continues to exist in the system there is a feeling it might be omnipresent for the foreseeable, so people and companies are moving forward in spite of the macro environment.
In summary, while the market remains uncertain, there is cause for a degree of positivity and confidence as we move into Q3 and beyond.
In Barden, we understand that each team, role, and requirement is unique.
We’re where leaders go before, they start hiring talent.
If you would like to discuss any of the above in more detail or you would like our expert advice & insights, contact Ed Heffernan ed.heffernan@barden.ie or via LinkedIn.
