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EXECUTIVE HIRING UP IN U.S., EUROPE, ASIA; LATIN AMERICA DIPS SLIGHTLY, KORN/FERRY INTERNATIONAL INDEX SHOWS

 NEW YORK, Dec. 9 /PRNewswire/ -- Adding to the positive signs that point toward economic recovery worldwide, Korn/Ferry International today announced that its 86th International Executive Hiring Index rose 26 percent in both the United States and Europe, and 12 percent in Asia while dropping slightly by 5 percent in Latin America during the third quarter.
 "These are the biggest gains since the third quarter of 1987," said Richard M. Ferry, chairman and CEO of the leading executive search firm. "Executive hiring is a key indicator of business confidence and, over the 20-year history of our index, it consistently has been a bellwether for economic trends."
 Underlying the strength of the U.S. improvement is that gains were greatest in manufacturing and distribution, paralleling the government's latest reports on increased factory orders, Ferry notes. "Combined with the surge in productivity and purchasing at major U.S. corporations, this is quite good news for American industry," he adds.
 Health care companies accounted for 15 percent of all U.S. executive hiring during the third quarter, reflecting the industry's anticipatory response to proposed health care reform.
 Managerial hiring in telecommunications and manufacturing showed gains in Europe, where executive placements remained steady across the board.
 Asia did not keep pace with the United States and Europe, pulled down by the economic malaise in Japan, Ferry reports. He noted that executive hiring by financial services companies more than doubled in the region as they gear up to support the current and expected growth in China.
 "Latin American executive hiring leveled off in the third quarter from a blistering pace earlier in the year," said Ferry. "As these countries move forward with major privatizations, they are attracting banks from Europe, Japan and the U.S. eager to supply the capital to finance the vast infrastructure and industrial expansion underway."
 U.S. Executive Hiring Mirrors Industry Recovery
 The Korn/Ferry Executive Hiring Index mirrors the patterns in America's economic recovery with financial services, health care, manufacturing and high tech/telecommunications leading the way. By tracking seven years of third quarter executive hirings in these industries, the Index clearly shows highs in the late '80s to lows in 1991 and 1992 to the start of a recovery in 1993.
 In the United States, the Eastern Region showed a major comeback back to a share of 37 percent which it has not held since 1986. The West remained steady, accounting for approximately one-quarter of all hiring. The Midwest also remained consistent at 21 percent.
 General Managers, Finance Executives Top Demand
 Worldwide, general managers were in greatest demand during the quarter with marketing/sales running second. "Again, this is a positive signal for future economic expansion, as we read it," said Ferry. "Companies stayed lean and mean throughout this recessionary period and are now adding depth to the bench to be in a position to meet pent-up consumer demand as the economy strengthens."
 -0- 12/9/93
 /CONTACT: Stephanie Rosenfelt of Korn/Ferry International, 212-687-1834/


CO: Korn/Ferry International ST: New York IN: SU: ECO

TM-TW -- NY003 -- 2067 12/09/93 08:15 EST
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Publication:PR Newswire
Date:Dec 9, 1993
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