Global job creation for white-collar roles fell by 8% in November 2024 when compared to October, according to the latest Robert Walters Global Jobs Index in partnership with Vacancysoft.
The decline was driven by a drop in hiring activity within financial services, with jobs falling by 11.69% across the globe in November when compared to October.
By city, the most notable declines for financial services were across New York (-16.31%), Singapore (-15.90%), and London (-15.53%).
Toby Fowlston, CEO of Robert Walters, said in a press release, “November was a significant month for several reasons—not least because of the anticipated impact the US election verdict could have on companies worldwide. From trade agreements to regulatory changes, businesses are navigating an uncertain landscape.”
“However, the financial services sector’s year-to-date performance demonstrates its resilience and the fertile ground created by economic recovery, technological advancements, and global market opportunities,” Fowlston said.
When comparing job growth year-to-date, the Index recorded a 17.13% increase in new roles across the globe in financial services compared to the same period last year.
Out of the nine industries tracked by the Robert Walters Global Jobs Index, the professional services sector was one of the only to report an increase in job roles in November (7.20%) compared to the previous month. Tech, media & telecoms (TMT) reported a muted increase of 1.17%.
The Index noted that only two countries out of the top 10 for job volumes within the professional services sector reported a decrease in jobs in November compared to the previous month: India (-8.97%) and the UK (-6.84%).
At the same time, Germany saw a 33.68% increase in job vacancy growth, the highest in November, while Poland reported a 33.05% uptick.
Within professional services, the jobs most in demand globally in November were for procurement/supply chain (19.61%), technology (18.71%), consultant (9.95%), accountant (9.75%), and legal (8.44%).
Meanwhile, the technology sector overtook financial services as the primary driver of new job creation, as 37% of all professional jobs in November came from the tech sector, compared to 33% coming from financial services.
Professional jobs in retail, consumer goods & services dropped by 27% as economic uncertainty, inflation, and automation all took their toll on the sector.