Antal Global Snapshot - Edition 12

Edition 12 - July/August 2012
snapshot.antal.com

ANTAL GLOBAL
SNAPSHOT
A survey of hiring and firing trends in key
employment markets around the world.

THE ‘ANTAL GLOBAL SNAPSHOT’
Contents

Introduction

Introduction - Page 1

The Local Picture Key Sectors

Western Europe Most Active Hiring Sectors - Page 14
Austria, Belgium, Denmark, Finland &
France - Page 2 Western Europe
Germany, Greece, Iceland, Ireland & Germany - Pages 15 & 16
Italy - Page 3 Italy - Pages 17 & 18
Luxembourg, Malta, Netherlands, Norway & Netherlands - Page 19
Portugal - Page 4 Spain - Pages 20 & 21
Spain, Sweden, Switzerland & UK - Page 5 UK - Pages 22 & 23

CEE & Eurasia CEE & Eurasia
Bulgaria, Croatia, Czech Republic, Hungary & Bulgaria – Page 24
Israel - Page 6 Hungary – Page 25
Poland, Romania, Russia & Turkey - Page 7 Poland - Pages 26 & 27
Romania - Page 28
Middle East & Africa
Egypt, Qatar, Saudi Arabia, South Africa & Middle East & Africa
UAE - Page 8 UAE - Page 29
South Africa - Pages 30 & 31
Asia Pacific
Australia, China, India & Japan - Page 9 Asia Pacific
Malaysia, New Zealand, Pakistan & China - Pages 32 & 33
Philippines - Page 10 India - Pages 34 & 35
Singapore, South Korea & Taiwan - Page 11 Philippines - Page 36
Singapore - Page 37
The Americas
Argentina, Brazil & Canada - Page 12
Chile, Mexico & USA - Page 13

Disciplines and Functions

Expecting to HIRE in Q3 - Page 38
Expecting to FIRE in Q3 - Page 39

Conclusions

Winners & Losers by Regions, Countries & Sectors - Pages 40, 41 & 42
The Conclusion - Page 43

Antal Global Snapshot | Edition 12 - July/August 2012 www.snapshot.antal.com


Introduction
The 'Antal Global Snapshot' is a regular survey of hiring (and firing) trends in some of the world's most important
employment markets and in those likely to join this group over the coming decade. This twelfth report in the series is
based upon material sourced from more than 20,000 businesses in commerce, industry and the financial services
sector in 50 key countries on five continents.

We hope that you find it both interesting and useful.

Chairman and CEO
Antal International

About Antal International
Founded in 1993, Antal International is a management and professional recruitment specialist with a particular focus
on the sourcing and retention of candidates in the 'Generation Y' bracket. One of the first recruitment organisations to
devote substantial resources to emerging markets, the company now has over 100 offices in more than 30 countries
and works with many of the world's most successful and ambitious employers.

Methodology
This edition of the 'Antal Global Snapshot' is based upon survey forms and telephone interviews completed by line
and HR Managers in 20546 companies, professional partnerships and financial institutions across 50 countries in
June and July 2012.

Each respondent was asked whether they were currently hiring or letting go professional / managerial staff and
whether they intended to do so over the coming quarter. All respondents were guaranteed anonymity to encourage
open and honest answers.

Antal Global Snapshot | Edition 12 - July/August 2012 Page 1 www.snapshot.antal.com

The local picture from Western Europe.

Are you currently hiring at managerial / professional level?
Do you expect to hire at managerial / professional level over the coming quarter?
Are you currently letting people go at managerial / professional level?
Do you expect to let people go at managerial / professional level over the coming quarter?

Austria
The Austrian job market has experienced a good quarter over the last three
months. The percentage of companies currently taking on new staff at a
managerial / professional level is up from 43% to 49%, despite predictions 49% 44%
in March’s Snapshot that these would drop to 40%. The number of
26% 25%
businesses shedding staff has also fallen from 35% to 26%; a notably larger
drop than the 1% expected. This figure is set to remain stable over the
coming three months with predicted Austrian firing rates standing at 25%.

Belgium
Recruitment levels in Belgium have recovered well this quarter, with 54% of
companies hiring new employees in the lead up to this July’s Snapshot.
54%
Hiring rates are expected to return to 46% over the next few months but 46%
whether this occurs in reality is yet to be seen. On the other side of the 27%
Belgium job market, firing levels are also down slightly this quarter and are
24%
expected to continue falling to 24% in the near future, indicating a higher
level of stability for those already employed by Belgium companies.

Denmark
The employment market in Denmark has experienced a significant boom in 75% 74% 69%
hiring rates over the last three months. The percentage of businesses
taking on new staff has leapt from 51% to an impressive 75% this July; with 52%
74% of companies intending to hire over the coming quarter. The number of
businesses in Denmark letting staff go recently has also jumped
considerably from 35% to 69%; although this is most likely a result of the
recent recruitment boom. Firing rates are expected to fall quite dramatically
over the coming few months, however, to just above 50%.

Finland
After something of a lull in employment rates last quarter, the percentage of
companies hiring new managerial / professional staff has returned to a 61% 56%
respectable 61% this July. This is against the predictions made in last 49% 51%
quarter’s Snapshot that hiring levels would drop to just 45%. The number of
businesses in Finland letting staff go has also risen to a high of 56% in this
edition of Snapshot. The next few months are expected to bring better news
though, with firing rates in Finland starting to decrease again to 51%.

France
As with a number of its European neighbours, hiring rates in France have
recovered well over the last three months. 52% of French businesses are
currently recruiting new staff at a managerial / professional level and 53% 52% 53%
are looking to do so over the coming months. As predicted, the number of 31% 32%
French companies shedding staff has remained more or less stable in this
July’s Snapshot and the next three months should bring more of the same.




Germany
The percentage of German companies hiring new employees has fallen
slightly this quarter, though to a lesser degree than expected. Recruitment
rates currently stand at 27% as opposed to the 22% predicted in March’s
Snapshot. In a similar trend, firing rates have also dropped slightly over the
27%
last few months to just 5%, giving Germany the lowest job cut figures in 18%
comparison to any other country surveyed around the world. 5% 5%

Greece
In line with the country’s current economic uncertainty, hiring levels in
Greece have fallen somewhat over the last three months to 33%. This
situation is expected to improve quite significantly over the coming quarter 47% 53%
44%
however, with nearly half of Greek businesses looking to recruit at a 33%
managerial level in the near future. The degree of job cuts in Greece has
remained higher than the 38% seen at close of last year. This current figure
of 44% is not the highest in the region though, with some firing rates
reaching the fifties.

Iceland 94% 90%
Iceland currently boasts the highest recruitment levels of anywhere in the
world, with an impressive 94% of businesses in this country taking on new
staff. The next few months are expected to see Iceland retain this title with
the number of companies looking to hire during this period set at 90%. On 32%
the other side of the job market, the percentage of businesses in Iceland
13%
cutting job numbers in this July’s Snapshot is notably lower than many of its
neighbouring countries. At present, firing levels stand at just 13%; though
this figure is expected to increase as the year comes to a close.

Ireland
Ireland’s hiring rates have recovered significantly over the last three months
from 43% to a respectable 63%. The percentage of companies currently 63% 63%
letting staff go has also stayed steady for this July’s Snapshot, showing the
Irish employment market is rightsizing. The outlook is predicted to remain 35% 33%
positive for the coming quarter, with recruitment levels and job cut rates
staying more or less the same, signifying a good level of stability in the Irish
job market.

Italy
The percentage of Italian companies hiring at a managerial level has
remained steady this quarter, rising 1% to 43%. Job losses have also risen
during this time by a greater margin than expected. The number of 43% 43%
companies in Italy shedding staff at this time stands at 20%, up from a low
of 11%. In comparison with the rest of Western Europe however, Italy’s 20% 20%
firing rates are markedly lower than many of its neighbouring countries and
only 2% above the global average calculated for the current Snapshot.




Luxembourg
Rates of recruitment and job loss in Luxembourg have both increased by a
modest 7% over the last few months. The percentage of companies in this
57%
country taking on new staff has risen from 50% to 57% for this July’s
43% 37%
Snapshot, while firing levels currently stand at 30%. Hiring rates for 30%
Luxembourg are predicted to fall below the 50% mark over the following
quarter. Whether this happens in reality, however, is yet to be seen.

Malta
Hiring rates have been better than expected in Malta this quarter. Despite
predictions in March’s Snapshot that recruitment levels would fall to 42%,
56% 56% 56%
the percentage of companies employing new staff has risen to 56%. Again, 44%
this figure is expected to drop below 50% over the coming few months. In
terms of job cuts, Maltese firing levels currently stand at 56%; considerably
higher than the 27% seen at the close of 2011. No further increases are
expected over the next three months however, indicating the Maltese job
market may be beginning to rightsize.

Netherlands
Mirroring the picture in many of its Western European neighbours, the
Dutch job market has grown substantially this quarter, with employment
rates rising 15% over the last three months. The percentage of companies
55% 49%
currently taking on new staff at a managerial / professional level now stands
at 55%; the highest it has been in over a year. On the other side of the 24% 24%
employment market, Dutch job loss rates have remained relatively low at
24%. Over the next few months, the number of businesses intending to
recruit is expected to fall by 6%, but firing rates should remain stable at

Norway
As July’s figures show, the Norwegian employment market is experiencing
significant activity at the moment. Hiring rates in Norway have increased 60% 56% 51%
from 48% to a respectable 60%, indicating more companies are taking on 44%
new staff at a managerial or professional level. In parallel with this however,
the percentage of Norwegian businesses letting staff go has also risen quite
dramatically from 29% to 51%, signalling a high level of turnover in the
Norwegian job market at this time. Nevertheless, things are set to get better
over the coming quarter with Norwegian firing rates taking a downturn to
44%.

Portugal
As predicted, the level of recruitment in Portugal has risen slightly over the
last three months, with current hiring rates standing at 37%. Those already
employed in the Portuguese job market have not experienced the predicted
rise in job loss rates, however, with these figures actually falling by 1% to 37% 31% 35% 32%
35%. This downward trend is expected to continue for the near future with
Portuguese firing activity decreasing once more to 32%.




Spain
After a slight dip, Spanish hiring rates for July’s Snapshot are closer to
those seen this time last year. The percentage of companies currently
recruiting at a managerial and professional level has risen from 29% to
34%, inferring a certain degree of growth within the Spanish employment 34% 30%
market. The level of Spanish job cuts has remained steady this quarter at 25% 26%
25% and is expected to remain in the mid-twenties for the near future.

Sweden
The percentage of Swedish companies taking on new managers and
professionals has risen more than predicted this quarter, from 46% to 58%.
58% 56%
Job losses have also increased over the last three months, but to a lesser
extent than employment rates, indicating growth in the Swedish job market. 38% 32%
The number of companies looking to hire over the coming quarter is set to
fall modestly by 2%, but job cuts have also been predicted to downsize by
6%.

Switzerland
Things are looking positive for the Swiss employment market this quarter.
Hiring rates have risen significantly from 31% to 58%, while job loss figures 58%
have only increased by 8% to a modest 20%. The percentage of Swiss 48%
companies looking to recruit over the next three months is expected to fall
below 50%, according to this July’s predictions. Firing rates, however, 20% 22%
should remain more stable, varying just 2% to 22%.

United Kingdom
Despite ongoing uncertainty surrounding the Euro, The United Kingdom’s
job market has remained relatively stable over the last three months. The
number of companies hiring new staff at the managerial / professional level 49% 48%
has improved by 4% to 49% and is set to remain around this figure for the 31% 27%
coming quarter. Equally, the percentage of companies reducing employee
numbers in the UK has gone up 3% in this July’s Snapshot, but is predicted
to drop again by 4% to 27% in the next three months.


The local picture from CEE & Eurasia.


Bulgaria
Once again, there is positive news for those seeking managerial /
professional positions in Bulgaria this July. The percentage of companies 63%
taking on new employees has remained above 60%, varying just 1% to 50%
63%. This figure is predicted to fall over the coming months to 50%, but
whether this actually occurs is yet to be seen. Bulgarian job loss rates have 23% 23%
also improved quite notably for this July’s Snapshot, falling 14% to 23%.
The number of businesses looking to shed staff numbers over the coming
quarter should remain steady, indicating a good degree of stability within
the Bulgarian employment market at this time.

Croatia
At 53%, employment figures have continued to improve in Croatia this
quarter. Hiring rates are up a respectable 15%, compared to the close of 63%
2011 and 10% higher than those seen in March’s Snapshot. This trend is 53%
set to continue for the foreseeable future, rising another 10% over the next 39% 41%
few months and indicating significant growth in the Croatian job market.
Understandably, job cuts have also risen in line with the increase in
recruitment, inferring quite a high level of turnover in Croatia at the present
time.

Czech Republic
Despite a predicted fall, the percentage of companies in the Czech Republic
taking on new staff has risen this quarter from 47% to 55%. Firing rates
55% 57%
have also taken somewhat of an unexpected turn, increasing from 28% to a
high of 37%. The following quarter should bring a greater level of stability 37% 39%
for those working or seeking employment in the Czech Republic however,
with hiring and firing rates varying just 2%.

Hungary
The last three months have seen a dip in hiring rates for the Hungarian job
market. The number of companies taking on new staff at a managerial /
professional level currently stands at just 24%, 14% down from March’s
figures. The situation should improve over the coming quarter though, with 36%
recruitment rates once again rising above 30% to 36%. On the other hand, 24% 25% 25%
job loss rates have remained substantially more stable over the last few
months and are set stay at 25% for the near future.

Israel
There has been a significant boom in employment rates for Israel over the 80% 74%
72% 69%
last three months, with hiring rates jumping an impressive 30% in three
months. At 80%, Israel boasts one of the highest levels of recruitment of
any country in this month’s report and should continue to do so for the
coming quarter. In terms of job cuts, the percentage of companies in Israel
currently shedding staff numbers is also up considerably from March’s
figures, indicating a high degree of turnover in the Israeli job market at the
present time.


The local picture from CEE & Eurasia.


Poland
Poland’s employment market has again defied expectations that recruitment
levels would drop, with hiring figures remaining at 58%. Job loss rates have 58%
also remained notably stable in this quarter’s report. The number of Polish 53%
businesses cutting managerial staff has risen just 2% to 18% over the last
few months, placing Poland’s job cut rates in line with the global average. 18% 17%
The coming quarter should bring more stability for those employed in the
Polish job market, with firing levels varying just 1% to 17%.

Romania
The level of hiring at a managerial and professional level in Romania has
risen again this quarter, having fallen to 49% in March’s Snapshot. Over the
coming quarter, recruitment rates should remain above the 50% mark, 53% 51%
varying just 2% to 51%. On the other side of the Romanian job market, job
26% 28%
losses have remained remarkably stable for the past six months. The
percentage of businesses planning on shedding employees over the
coming quarter is set to remain equally steady, with firing rates predicted to
be 28%.

Russia
Like many of the surrounding countries, the Russian job market has seen
an increase in hiring rates over the last three months. At 68%, Russia’s 68% 67%
recruitment level this quarter better reflects that seen at the end of 2011
37%
although this is expected to fall marginally to 67% during the following 30%
quarter. The number of Russian companies cutting staff has stayed more or
less the same for this quarter’s report, indicating a good level of job stability
for those employed in Russia.

Turkey
Recruitment rates in Turkey have recovered quite notably this quarter,
having fallen to just 41% in March’s Snapshot. This trend is predicted to
55% 57%
continue for the near future, with hiring levels rising slightly to 57%. The 43% 43%
level of Turkish job cuts has also increased over the last few months from
31% to 43%. This increase is less than the rise in employment however,
indicating a modest growth in the Turkish employment market for July’s
Snapshot.


The local picture from The Middle East & Africa.


Egypt
The Egyptian market is experiencing a high degree of unrest this quarter; 75%
most likely as a result of the ongoing political uncertainty within the country. 61%
Hiring rates have fallen from 55% to just 28% over the last three months,
while the number of Egyptian businesses cutting managerial jobs has 28% 31%
rocketed to 75%. The next few months should see this situation rectify itself
quite significantly however, with employment rates rising once more to 61%
and firing rates dropping to 31%.

Qatar
The percentage of companies in Qatar taking on new staff has remained at 76% 78%
an impressive 76% this quarter, offering further evidence for Qatar’s “2030
Vision.” This once again gives Qatar the highest employment rates for the
Middle East and one of the highest rates of any of the countries surveyed 37% 35%
for this quarter’s report. In terms of job cuts, Qatar’s figures have continued
to increase this quarter from 22% to 37%. The following few months should
bring better news however, with firing levels beginning to decrease once
more to 35%.

Saudi Arabia
After falling quite significantly last quarter, recruitment activity in Saudi 73% 67%
Arabia has experienced a notable recruitment boom over the last three
months. The percentage of companies currently employing staff at a
managerial / professional level has climbed from a modest 57% in March’s 33% 33%
Snapshot to an impressive 73%. Along the same lines, job cut rates in
Saudi Arabia have continued to climb for this quarter’s report, but are
expected to level out at 33% during the following quarter.

South Africa
Despite expectations that July’s Snapshot would see an increase in
recruitment rates for South Africa, the percentage of companies hiring at a 57%
managerial or professional level has declined modestly this quarter to 50%. 50%
On the other hand, job cuts for this country continue to remain relatively
low, with firing rates currently standing at 18% in line with the global 18% 12%
average. Over the coming quarter this figure is predicted to fall to a low of
just 12%, indicating significant job stability for those already employed in
South Africa for the near future.

United Arab Emirates
As predicted in March’s Snapshot, the percentage of companies in the
United Arab Emirates hiring new staff has increased this quarter to 54%.
54% 56%
This figure should rise a further 2% in the coming months. In a similar
fashion to its neighbouring countries in the region, the level of job cuts has 34% 33%
also increased in the United Arab Emirates over the last three months. At
34%, firing rates are up 20% from March’s total, indicating quite
considerable turnover in this country’s employment market at the present
time.


The local picture from Asia Pacific.


Australia
July has brought relatively good news for the Australian job market, with the
64% 70%
country’s hiring rates increasing and firing rates remaining level. At 64%,
the level of recruitment in Australia is 10% greater than the figure predicted
42% 46%
in March’s Snapshot and is set to increase a further 6% over the coming
months. The percentage of companies letting staff go at a managerial level
is relatively high at 42% but has remained stable during the recruitment
boom, indicating a noteworthy growth in the Australian job market this
quarter.

China
Hiring rates in China have remained remarkably stable over the last three 72% 72%
months, currently standing at 72%. There is good evidence for China’s
BRIC status for the coming quarter as well, with recruitment rates predicted
to stay at this impressive level for the foreseeable future. On the other side
of the job market, the number of Chinese businesses shedding managerial 22% 21%
posts has decreased to 22%, giving China just slightly higher firing figures
than the global average.

India
The Indian job market has remained stable this quarter with both hiring and
firing rates staying more or less the same during the last three months. 55%
55% 56%
of Indian companies are recruiting new staff at the moment, while 56% are
looking to do so in the near future. Instead of rising to 38% for July, as
predicted in March’s Snapshot, the percentage of Indian businesses 23% 19%
shedding managers has fallen 1% to 23%, indicating a stable job market for
now.

Japan
The level of recruitment in Japan has grown to a greater extent than
expected this quarter, with the number of companies hiring new staff rising 62% 65%
from 56% to 62%. Job loss rates in Japan have also failed to follow the
predictions made in March’s Snapshot as the level of job cuts has not 33% 33%
increased as expected, but instead decreased to 33%. The coming months
are set to bring further growth within the Japanese job market, with hiring
rates rising to 65% and firing rates remaining at 33%.




Malaysia
In a similar trend to a number of countries in the region, Malaysia’s
recruitment rates have risen this quarter. Instead of falling to 42% as 58%
predicted, the percentage of companies taking on staff at a managerial and 51%
professional level has increased to 51%. A parallel reduction in the level of
job losses has also been witnessed over the last three months and things 26% 23%
are set to continue in this manner for the next quarter. It therefore seems
the Malaysian employment market should continue to stabilise as the year
progresses.

New Zealand
This quarter’s Snapshot indicates New Zealand’s employment market has
been particularly active over the last three months. The good news is that 67% 63% 63% 67%
recruitment rates have risen during this period to a respectable 67% and
are expected to remain above 60% for the coming quarter. On the
downside, the percentage of companies reducing staff numbers, or looking
to do so has increased substantially according to this quarter’s report,
inferring a high degree of turnover in New Zealand at present and for the
immediate future.

Pakistan
At present, Pakistan boasts one of the highest recruitment rates in the 75%
world, with the number of businesses hiring at a managerial level recorded 58%
at 75% in this July’s Snapshot. This is set to fall over the next three months
42% 38%
but remain above the halfway mark at 58%. In terms of job cuts, a figure of
42% indicates quite a high level of turnover in the job market at this time.
Hopefully, the next few months should see this number starting to fall
however, with firing levels diminishing slightly to 38%.

Philippines
After a prolonged stint as the leading job market in the world, employment
in the Philippines has taken quite a hit this quarter. Recruitment rates have 58%
dropped from a remarkable 97% to 51%, while the percentage of 51%
42% 38%
businesses shedding staff numbers has risen from just 5% to 42%. This is
against March’s expectations but should begin to improve during the
coming quarter, with hiring levels increasing and firing rates decreasing to
58% and 38% respectively.




Singapore
At 45%, Singapore is witnessing the highest hiring rates it has seen in over
a year. Over the next three months a record 49% of companies will be
looking to take on new staff, showing ongoing growth in the Singaporean 45% 49%
job market. Things are also looking positive in terms of job cuts for those
working within this country. At present, a modest 18% of businesses in 18% 18%
Singapore have been cutting staff at a managerial level, in line with the
global average in this quarter’s report.

South Korea
The percentage of companies in South Korea hiring new managerial staff,
or looking to do so over the next three months has remained above 50% in
this July’s Snapshot. At present, 53% of businesses are undergoing 53% 51%
recruitment with 51% planning to in the near future. On the other side of the
28% 28%
job market, the level of job losses has increased in South Korea, as
expected, to 28%. This figure should remain more stable in the coming
quarter though, indicating more job stability for those employed within the
South Korean employment market.

Taiwan
Hiring levels in Taiwan are among one of the highest for the region this 72%
70%
quarter, with 70% of companies currently recruiting new staff. Equally
favourably, firing rates for this country have taken an unexpected downturn
over the last three months from 34% to a relatively modest 26%. As we
26% 28%
enter the next quarter, Taiwan’s employment market is set to stay more or
less steady for the time being as both hiring and firing rates for this country
should vary by only 2% over the coming months.


The local picture from The Americas.


Argentina
Following a dip in hiring activity last quarter, recruitment rates for Argentina
have risen again to 59%. At the same time, the recent months have brought 59%
an increase in stability within the Argentinean employment market. Though 44% 44% 44%
remaining comparatively higher than many of the other American countries,
job cuts in Argentina have stayed stable over the last quarter, varying just
1% to 44%.

Brazil
There is good news for those seeking managerial or professional positions
in Brazil this quarter, with recruitment levels rising 20% to a respectable 62%
62%. This figure is expected to fall slightly in the coming months but remain
55%
above the halfway mark. On the other side of the Brazilian employment 34% 35%
market, the percentage of companies cutting staff, or looking to do so in the
near future remains relatively high, but steady, in this quarter’s Snapshot,
signifying greater stability in the Brazilian job market.

Canada
82%
As with many of the countries in the Americas, Canada’s hiring rates have 73%
increased quite significantly in the last three months. At 73%, Canada
currently holds one of the highest levels of recruitment for both the region
and the rest of the world. Over the coming quarter this figure is expected to 31% 32%
reach even higher levels, with an impressive 82% of Canadian businesses
taking on new staff. The rate of job loss for Canada has also diminished
from 37% to 31% in the lead up to July, despite March’s predictions that
greater levels of firing would be seen in this time. This should remain stable
in the months that follow, varying just 1% to 32%.


The local picture from The Americas.


Chile
As predicted, the number of companies taking on new managers has risen
in Chile this quarter. Following a brief dip in employment back in March,
55%
hiring levels for Chile now stand at 55%. In terms of job cuts, the current 47%
Snapshot indicates a drop in the percentage of businesses shedding staff in 33% 30%
the last three months from 39% to 33%. This welcome decline is expected
to continue as the year progresses, with firing rates falling again to 30%.

Mexico
The last three months have seen a remarkable boom in recruitment activity 74% 72%
in Mexico, with employment figures leaping an impressive 38%. At 74%,
Mexico now boasts the highest levels of recruitment of all the Americas.
During this time, the percentage of Mexican businesses cutting managerial 31% 30%
positions has also held steady, indicating substantial growth in the Mexican
job market. The good news is predicted to continue for the following quarter
with both hiring rates and firing numbers remaining stable at 72% and 30%
respectively.

United States of America
At 66%, the United States of America’s hiring rates recovered substantially
for this quarter’s Snapshot. Recruitment levels have risen from just 48% to 66% 66%
66% over the last three months and are set to stay at this level for the near
future. At the same time, the most recent quarter has seen the rate of job 31% 28%
losses fall very slightly to 31%. A further decline in job loss to 28% should
follow during the next quarter, giving the United States of America the
lowest level of job cuts across the Americas.


Most active hiring sectors over the coming quarter

Western Europe CEE & Eurasia

Media 60% E-Commerce & Social Media 82%

Technology - Hardware 56%
SSC/BPO 79%
Technology - Software 51%
Fashion 67%
SSC/BPO 50%
Technology - Software 64%
Retail 49%
Security Services 64%
E-Commerce & Social Media 48%

Telecommunications 46% Media 63%

Middle East Africa

88% Construction & Engineering 79%
Property
Security Services 72%
Automotive & Aerospace 81%
Retail 71%
FMCG 80% Telecommunications 70%

80% Technology - Software 70%
Logistics
Banking 67%
Manufacturing 70%
FMCG 67%
Banking 67% 67%
Property

APAC Americas

SSC/BPO 83% Legal 98%

82% Pharmaceuticals 84%
Fashion
Electronics 83%
Medical 80%
Construction & Engineering 80%
Luxury Goods 80%

FMCG 78% 75%
Energy - Oil & Gas

Chemicals 73% Property 75%


Detailed examination of the Western Europe Key Sectors

GERMANY

ACCOUNTANCY AGRICULTURE AUTOMOTIVE & AEROSPACE

40% 79% 37%
40% 29% 28%
37% 14% 5%
20% 14% 6%

BANKING CHEMICALS CONSTRUCTION & ENGINEERING

50% 27% 36%
30% 15% 25%
50% 6% 10%
30% 6% 14%

CONSUMER GOODS E-COMMERCE & SOCIAL MEDIA ELECTRONICS

48% 75% 46%
7% 50% 32%
4% 25% 11%
3% 25% 8%

ENERGY - OIL & GAS ENERGY - RENEWABLES FMCG

56% 47% 22%
22% 40% 21%
33% 7% 3%
28% 20% 4%

LEISURE LOGISTICS

49% 71%
19% 51%
2% 8%
2% 7%




GERMANY

LUXURY GOODS MANUFACTURING MEDIA

44% 88% 60%
15% 50% 70%
5% 38% 30%
2% 13% 30%

MEDICAL PACKAGING PHARMACEUTICALS

39% 50% 28%
35% 38% 24%
21% 8% 4%
22% 13% 2%

PROPERTY RETAIL SECURITY SERVICES

100% 57% 17%
80% 29% 8%
0% 29% 8%
0% 29% 0%

TECHNOLOGY - HARDWARE TECHNOLOGY - SOFTWARE TELECOMMUNICATIONS

55% 53% 60%
60% 53% 20%
25% 9% 80%
20% 8% 60%

UTILITIES

60%
60%
20%
20%




ITALY

ACCOUNTANCY AUTOMOTIVE & AEROSPACE BANKING

64% 41% 35%
64% 43% 36%
45% 18% 17%
36% 11% 15%

CHEMICALS CONSTRUCTION & ENGINEERING CONSUMER GOODS

42% 22% 46%
40% 33% 46%
25% 22% 14%
25% 28% 16%

E-COMMERCE & SOCIAL MEDIA EDUCATION ELECTRONICS

82% 57% 52%
64% 43% 57%
36% 29% 13%
18% 43% 13%

ENERGY - OIL & GAS ENERGY - RENEWABLES FASHION

38% 26% 28%
50% 26% 25%
15% 35% 16%
27% 48% 19%

FMCG INSURANCE

47% 39%
44% 33%
20% 11%
15% 12%




ITALY

LEISURE LOGISTICS LUXURY GOODS

52% 53% 55%
43% 41% 45%
19% 6% 6%
17% 18% 3%

MANUFACTURING MEDIA MEDICAL

38% 47% 39%
42% 60% 31%
33% 40% 19%
33% 47% 14%

PHARMACEUTICALS PROPERTY RETAIL

46% 25% 49%
32% 38% 55%
17% 50% 11%
19% 50% 13%


57% 48% 56%
71% 57% 50%
29% 19% 56%
43% 17% 61%

UTILITIES

33%
17%
33%
17%




NETHERLANDS

30% 71% 29%
20% 57% 14%
40% 43% 0%
40% 57% 0%

CHEMICALS CONSTRUCTION & ENGINEERING E-COMMERCE & SOCIAL MEDIA

39% 56% 70%
28% 44% 70%
17% 56% 20%
17% 44% 20%

ELECTRONICS ENERGY - OIL & GAS FMCG

50% 29% 67%
67% 43% 44%
33% 14% 56%
33% 14% 33%

INSURANCE LEISURE LOGISTICS

50% 83% 53%
25% 67% 47%
25% 17% 18%
0% 17% 29%

MANUFACTURING MEDICAL TECHNOLOGY - HARDWARE

43% 67% 46%
36% 60% 62%
21% 40% 31%
29% 27% 46%

TECHNOLOGY - SOFTWARE TELECOMMUNICATIONS

58% 25%
57% 0%
16% 50%
17% 75%




SPAIN
AGRICULTURE AUTOMOTIVE & AEROSPACE BANKING

17% 33% 29%
50% 28% 29%
17% 11% 18%
33% 15% 18%


31% 25% 47%
29% 22% 35%
29% 42% 47%
27% 42% 41%

E-COMMERCE & SOCIAL MEDIA ELECTRONICS ENERGY - OIL & GAS

28% 22% 5%
28% 22% 16%
44% 12% 32%
28% 18% 32%

ENERGY - RENEWABLES FASHION FMCG

17% 18% 28%
26% 9% 23%
26% 18% 38%
40% 9% 33%

LEGAL LEISURE LOGISTICS

16% 33% 31%
8% 28% 29%
11% 33% 10%
11% 39% 10%




SPAIN

LUXURY GOODS MANUFACTURING MEDIA

100% 37% 36%
67% 29% 27%
33% 20% 32%
33% 18% 9%

MEDICAL MINING PACKAGING

50% 50% 30%
37% 25% 20%
17% 25% 30%
20% 0% 20%


50% 29% 57%
50% 14% 43%
18% 14% 39%
18% 14% 43%


33% 43% 30%
45% 38% 22%
33% 25% 48%
38% 33% 43%

UTILITIES VETERINARY

36% 35%
45% 33%
9% 11%
9% 11%




UNITED KINGDOM


29% 43% 50%
43% 36% 63%
43% 21% 50%
29% 14% 25%


50% 36% 63%
50% 36% 50%
23% 29% 13%
22% 29% 13%

ENERGY - OIL & GAS FMCG LEISURE

50% 47% 69%
50% 42% 54%
35% 37% 38%
33% 37% 31%

LUXURY GOODS MANUFACTURING

75% 42%
50% 50%
50% 31%
0% 31%




UNITED KINGDOM

MEDIA MEDICAL PACKAGING

36% 73% 75%
27% 55% 50%
27% 27% 15%
18% 18% 25%


76% 25% 70%
71% 50% 60%
14% 0% 60%
5% 50% 30%

SECURITY SERVICES TECHNOLOGY - HARDWARE TECHNOLOGY - SOFTWARE

67% 30% 53%
33% 60% 62%
27% 42% 23%
10% 22% 28%

TELECOMMUNICATIONS

36%
27%
50%
55%



Detailed examination of the CEE Key Sectors

BULGARIA

30% 63% 71%
20% 50% 57%
10% 12% 41%
10% 11% 32%

CONSTRUCTION & ENGINEERING FMCG LEISURE

17% 64% 79%
33% 36% 37%
42% 45% 11%
50% 36% 26%


48% 81% 50%
39% 76% 50%
13% 10% 15%
22% 0% 8%

MINING PHARMACEUTICALS PROPERTY

100% 80% 50%
14% 50% 25%
21% 16% 25%
14% 20% 25%


80% 61%
78% 39%
15% 50%
12% 44%




HUNGARY

15% 25% 11%
38% 42% 19%
40% 8% 76%
20% 33% 59%

CONSTRUCTION & ENGINEERING E-COMMERCE & SOCIAL MEDIA ENERGY - OIL & GAS

50% 20% 25%
17% 60% 50%
33% 20% 13%
17% 14% 25%

FMCG LOGISTICS MANUFACTURING

16% 17% 34%
32% 17% 50%
16% 8% 13%
11% 0% 34%

MEDICAL PACKAGING PHARMACEUTICALS

50% 33% 45%
25% 44% 36%
0% 8% 18%
0% 11% 9%

RETAIL TECHNOLOGY - HARDWARE TECHNOLOGY - SOFTWARE

21% 25% 18%
21% 58% 47%
36% 17% 12%
41% 25% 24%

TELECOMMUNICATIONS

44%
39%
28%
39%




POLAND

54% 61% 60%
59% 45% 59%
26% 10% 28%
15% 9% 23%


48% 40% 95%
65% 37% 86%
35% 18% 14%
9% 23% 14%

ELECTRONICS ENERGY - OIL & GAS ENERGY - RENEWABLES

42% 45% 47%
24% 45% 47%
18% 9% 20%
16% 9% 20%

FMCG INSURANCE LEGAL

57% 61% 68%
41% 62% 70%
19% 25% 46%
14% 20% 46%

LOGISTICS

65%
60%
18%
22%




POLAND

48% 57% 40%
37% 65% 48%
13% 22% 24%
14% 14% 16%

PACKAGING PHARMACEUTICALS PROPERTY

57% 52% 42%
45% 46% 33%
15% 15% 26%
15% 20% 19%

RETAIL SCC/BPO TECHNOLOGY - HARDWARE

37% 78% 68%
33% 79% 58%
36% 2% 11%
32% 0% 13%

TECHNOLOGY - SOFTWARE TELECOMMUNICATIONS UTILITIES

66% 57% 48%
66% 49% 52%
12% 27% 9%
14% 29% 13%




ROMANIA


53% 50% 33%
40% 38% 40%
47% 13% 53%
33% 8% 53%


50% 68% 45%
60% 56% 36%
10% 41% 9%
10% 44% 0%

ENERGY - OIL & GAS FMCG LOGISTICS

54% 43% 50%
62% 37% 56%
23% 33% 6%
31% 30% 13%

MANUFACTURING MEDICAL PACKAGING

41% 67% 43%
56% 67% 21%
26% 22% 14%
35% 15% 29%

PHARMACEUTICALS TECHNOLOGY - SOFTWARE

79% 58%
71% 50%
21% 17%
14% 12%



Detailed examination of the Middle East & Africa Key Sectors

UNITED ARAB EMIRATES

15% 18% 5%
22% 20% 15%
35% 42% 25%
45% 32% 37%

CHEMICALS CONSTRUCTION & ENGINEERING ENERGY - OIL & GAS

58% 71% 90%
60% 71% 88%
18% 43% 32%
12% 29% 25%

LEISURE LOGISTICS MANUFACTURING

10% 67% 50%
67% 67% 75%
21% 21% 38%
17% 13% 50%

MEDIA MEDICAL PROPERTY

67% 89% 23%
100% 93% 0%
32% 34% 45%
30% 12% 55%

RETAIL TECHNOLOGY - HARDWARE TECHNOLOGY - SOFTWARE

25% 29% 50%
50% 14% 56%
100% 29% 17%
100% 29% 17%




SOUTH AFRICA
AGRICULTURE AUTOMOTIVE & AEROSPACE BANKING

40% 15% 80%
60% 15% 80%
20% 4% 30%
0% 4% 10%


67% 74% 38%
67% 79% 38%
33% 18% 25%
33% 12% 19%

ENERGY - OIL & GAS FASHION FMCG

37% 33% 44%
56% 67% 61%
21% 0% 0%
9% 33% 11%

LEGAL LEISURE

50% 67%
50% 50%
0% 33%
17% 33%




SOUTH AFRICA
LOGISTICS LUXURY GOODS MANUFACTURING

67% 100% 39%
67% 100% 48%
8% 12% 33%
7% 18% 30%

MEDICAL MINING PHARMACEUTICALS

100% 53% 37%
71% 61% 49%
29% 9% 18%
14% 4% 14%

RETAIL SECURITY SERVICES TECHNOLOGY - HARDWARE

86% 84% 76%
71% 72% 51%
0% 16% 8%
0% 6% 22%


48% 65%
70% 72%
3% 67%
5% 5%



Detailed examination of the APAC Key Sectors

CHINA

74% 74% 73%
72% 74% 76%
40% 43% 14%
30% 19% 12%


49% 76% 61%
51% 75% 59%
11% 40% 26%
10% 30% 26%

CONSUMER GOODS E-COMMERCE & SOCIAL MEDIA EDUCATION

70% 68% 66%
65% 73% 61%
21% 37% 18%
17% 42% 24%


58% 68% 61%
68% 66% 64%
16% 20% 24%
16% 22% 26%

FASHION FMCG INSURANCE

79% 81% 76%
84% 80% 66%
14% 21% 56%
19% 17% 57%

LEGAL LEISURE

51% 64%
53% 63%
19% 31%
27% 25%




CHINA
LOGISTICS LUXURY GOODS MANUFACTURING

62% 86% 71%
53% 80% 73%
23% 24% 18%
35% 24% 17%

MEDIA MEDICAL MINING

71% 84% 70%
72% 83% 73%
17% 8% 23%
15% 8% 19%

PACKAGING PHARMACEUTICALS PROPERTY

68% 78% 59%
69% 78% 74%
19% 10% 26%
24% 10% 31%

PUBLIC SECTOR (GOVERNMENTAL) RETAIL SECURITY SERVICES

60% 63% 81%
58% 64% 67%
35% 26% 25%
45% 23% 30%


60% 63% 80%
66% 63% 76%
29% 27% 26%
27% 27% 28%

UTILITIES

62%
67%
33%
31%




INDIA

77% 70% 43%
66% 60% 38%
26% 20% 23%
23% 10% 12%


42% 72% 62%
50% 64% 64%
27% 44% 21%
29% 36% 17%

CONSUMER GOODS E-COMMERCE & SOCIAL MEDIA EDUCATION

62% 70% 40%
72% 60% 60%
33% 27% 20%
32% 20% 40%


79% 65% 54%
71% 65% 43%
36% 40% 23%
29% 20% 23%

FASHION FMCG INSURANCE

100% 73% 25%
75% 82% 50%
50% 17% 17%
50% 12% 0%




INDIA

LEISURE LOGISTICS LUXURY GOODS

63% 58% 50%
66% 70% 67%
23% 8% 17%
11% 15% 0%


61% 70% 71%
58% 65% 72%
20% 25% 40%
21% 15% 37%

MINING PACKAGING PHARMACEUTICALS

75% 64% 68%
69% 82% 68%
22% 0% 31%
22% 36% 26%

PROPERTY RETAIL TECHNOLOGY - HARDWARE

51% 54% 25%
64% 58% 50%
13% 33% 25%
7% 17% 31%

TECHNOLOGY - SOFTWARE TELECOMMUNICATIONS UTILITIES

53% 43% 30%
59% 46% 50%
16% 34% 45%
19% 34% 40%




PHILIPPINES
ACCOUNTANCY BANKING CONSUMER GOODS

58% 36% 71%
67% 36% 57%
42% 55% 71%
50% 36% 29%

EDUCATION ENERGY - OIL & GAS LEISURE

44% 33% 50%
11% 33% 75%
33% 67% 13%
22% 33% 38%

LOGISTICS MANUFACTURING MEDIA

60% 67% 60%
70% 83% 90%
30% 67% 40%
30% 58% 20%

MEDICAL PHARMACEUTICALS PROPERTY

42% 100% 22%
67% 60% 56%
33% 20% 44%
25% 0% 56%

PUBLIC SECTOR (GOVERNMENTAL) RETAIL SSC/BPO

64% 88% 54%
73% 38% 77%
55% 63% 38%
45% 50% 38%


33% 46% 53%
44% 46% 76%
56% 50% 41%
56% 39% 59%




SINGAPORE

27% 27% 19%
40% 45% 25%
17% 9% 7%
13% 14% 8%

CHEMICALS CONSUMER GOODS ENERGY - OIL & GAS

50% 73% 72%
67% 67% 60%
33% 7% 32%
50% 7% 24%

FMCG LEISURE LOGISTICS

66% 55% 77%
55% 25% 69%
10% 20% 8%
14% 20% 31%


44% 25% 56%
56% 63% 56%
30% 50% 22%
22% 50% 33%

PHARMACEUTICALS TECHNOLOGY - HARDWARE TECHNOLOGY - SOFTWARE

46% 50% 63%
43% 45% 75%
11% 12% 25%
0% 11% 25%



Disciplines and Functions – Expecting to HIRE over the coming quarter

Western Europe CEE

Accounting, Tax, Treasury 16% Accounting, Tax, Treasury 16%
Administration 6% Administration 8%
Banking 2% Banking 5%
Board, "C-Level" 3% Board, "C-Level" 12%
Construction 3% Construction 3%
Creative, Design 4% Creative, Design 2%
Engineering, Production 20% Engineering, Production 17%
Human Resources 6% Human Resources 7%
IT Technical, IT support 13% IT Technical, IT support 25%
Legal 2% Legal 4%
Ops, Logistics, Procurement 14% Ops, Logistics, Procurement 12%
Other 6% Other 7%
R&D, Scientific 9% R&D, Scientific 5%
Sales & Marketing 37% Sales & Marketing 37%

Middle East Africa

Legal 2% Legal 3%
Other 2% Other 4%

APAC Americas

Legal 4% Legal 7%
Other 7% Other 10%


Disciplines and Functions – Expecting to FIRE over the coming quarter

Western Europe CEE

Legal 5% Legal 5%
Other 13% Other 17%

Middle East Africa

Legal 2% Legal 2%
Other 10% Other 9%

APAC Americas

Legal 4% Legal 3%
Other 12% Other 5%


Worldwide Growth by Regions - Q2 2012

Currently Hiring Hiring in the next 3 months

Americas 70% Americas 70%

APAC 65% Middle East 68%

Middle East 57% APAC 65%

Central, Eastern Europe 54% Africa 57%

Africa 51% Central, Eastern Europe 52%

Western Europe 33% Western Europe 26%

Currently Firing Hiring in the next 3 months

Middle East 37% Americas 27%

Americas 28% Middle East 27%

APAC 23% Central, Eastern Europe 21%

Central, Eastern Europe 22% APAC 20%

Africa 19% Africa 13%

Western Europe 12% Western Europe 12%

Winners and Losers - Regions

Although the Asia Pacific region is still a major player in terms of jobs growth, the Americas has made an
unexpected move to the top of the regional table in this edition of Snapshot. And while much of this has been
driven by the increasingly entrepreneurial economies of Latin America, the north is also making a significant
contribution. Despite predictions that China may yet overtake the USA as an engine of employment growth it
appears that the West’s most powerful economy can still produce some surprises.


The Current Worldwide Picture - Q2 2012

Countries currently hiring
100% - 71%

70% - 61%

60% - 51%

Below 50%
Iceland - 94% Taiwan - 70% Norway - 60% South Africa - 50%
Israel - 80% Russia - 68% Argentina - 59% Austria, UK - 49%
Qatar - 76% New Zealand - 67% Poland, Sweden, Singapore - 45%
Denmark, USA - 66% Switzerland - 58% Italy - 43%
Pakistan - 75% Australia - 64% Luxembourg - 57% Portugal - 37%
Mexico - 74% Bulgaria, Ireland - 63% Malta - 56% Spain - 34%
Canada, Brazil, Japan - 62% Chile, Czech Republic, Greece - 33%
Saudi Arabia - 73% India, Netherlands,
Finland - 61% Turkey - 55% Egypt - 28%
China - 72%
Belgium, UAE - 54% Germany - 27%
Croatia, Romania, Hungary - 24%
South Korea - 53%
France - 52%
Malaysia,
Philippines - 51%

Global Snapshot - The Worldwide Picture

Are you currently hiring at managerial / professional level? - 51%

Are you currently letting people go at managerial / professional level? - 18%

Winners and Losers - Sectors

Across the globe the sectors with the highest current levels of recruitment activity at professional and managerial
level are:

1. Luxury Goods
2. SSC/ BPO
3. Security Services
4. Fashion
5. Agricultural

The sector with the least activity was animal health industry where only 30% of companies were hiring.


The Worldwide Outlook - Q2 2012

Countries expecting to hire in the coming quarter
100% - 61%

60% - 51%

50% - 41%

40% and less
Iceland - 90% Malaysia, Pakistan, Bulgaria - 50% Hungary - 36%
Canada - 82% Philippines - 58% Finland, Netherlands, Portugal - 31%
Qatar - 78% Czech Republic, South Singapore - 49% Spain - 30%
Africa, Turkey - 57% Switzerland, UK - 48%
Denmark - 74% Germany - 18%
India, Norway, Chile, Greece - 47%
China, Israel, Mexico, Sweden, UAE - 56%
Taiwan - 72% Belgium - 46%
Brazil - 55%
Australia - 70% Argentina, Austria,
France, Poland - 53% Malta - 44%
Russia,
Saudi Arabia - 67% Romania, Italy,
South Korea - 51% Luxembourg - 43%
USA - 66%
Japan - 65%
Croatia, Ireland,
New Zealand - 63%
Egypt - 61%

Global Snapshot - The Worldwide Picture

Do you expect to hire at managerial / professional level over the coming quarter? - 49%

Do you expect to let people go at managerial / professional level over the coming quarter? - 16%

Sectors hiring in the next 3 months
SSC/BPO 78%
Luxury Goods 71%
Media 67%
Agriculture 63%
Pharmaceuticals 62%
Winners and Losers - Countries
Property, Security Services 61%
Public Sector (Governmental) 60% As is usually the case with Global Snapshot, this
Mining 59% edition of the report highlights the divergence of
Accountancy, Chemicals, Technology - Hardware, fortunes in employment markets around the world.
58% While in Iceland a staggering 94% of organisations
Technology - Software
Education, Legal, Telecommunications, Utilities 57% are currently seeking professional or managerial
54% staff, only 24% of companies in Hungary are in the
Energy - Oil & Gas
process of hiring.
Insurance 52%
FMCG, Logistics, Retail 51% However, what has changed in this round of
Energy - Renewables, Fashion, Packaging 50% research has been the customary domination of
Construction & Engineering, Leisure 48% the table by countries in the Asia Pacific region. In
this edition of Global Snapshot the ‘top 5’ nations
Consumer Goods 45%
are spread across Europe, the Middle East and the
Banking 44% Indian sub-continent.
Electronics 42%
Automotive & Aerospace 41%
Veterinary 40%
Manufacturing 36%
Medical 31%


Conclusion

The ‘new normal’ ?

As in the last edition of Global Snapshot, let’s begin with the bad news. Across more than 20,000 employers around
the world that provided information for our latest report, the overall level of hiring is down, from 55% in April to 51%
now. However does this really mean that jobs markets across the globe are in serious decline?

The devil, as the old adage has it, is in the detail and more in-depth analysis of the figures suggests that things are
not as bad as they might at first appear. The percentage of organisations reducing headcount at professional and
managerial level has also dropped, from 20% to 18%, suggesting that the international jobs market might be
stabilising rather than collapsing. And a number of regions that have been reporting fairly dismal results in recent
quarters are now showing some signs of a turn around. Take for example, Western Europe, which has been a long-
term casualty of the financial meltdown of 2008. Almost all of the countries surveyed in the region indicated at least
some rise in hiring activity at professional and managerial level, even the Eurozone’s most high profile victims of the
downturn, Spain and Greece.

In our view, the results of the latest Snapshot research do not suggest either any significant improvement in or
worsening of the global economic picture. Instead, we would suggest they indicate that many organisations have
now come to accept uncertainty as an unwelcome, but inherent part of business life and are consequently pushing
ahead with investment and development in this ‘new normal’. As a consequence, while McKinsey & Co’s notorious
‘war for talent’ may be on indefinite hold in many sectors and disciplines, there is no doubt that it is most definitely
raging again over those individuals whose specialist technical skills and entrepreneurial application are key to driving
businesses forward.

Antal International would like to thank all respondents for their participation in this edition of the Antal Global
Snapshot. As a result €9000 was donated to the Antal Charitable Foundation, our charity which supports Chance
UK, Duke of Edinburgh's Award and Smiling Children amongst other charities. For more details please visit the
website at www.antalcharitablefoundation.com

Contact

If you would like any further information about material included in this report or would like to reserve a copy of
the next ‘Antal Global Snapshot’, contact Natasha Lane at Snapshot@antal.com or your local Antal office - see
www.antal.com for more details.

Natasha Lane
Antal International
64 Baker Street www.antal.com
London, W1U 7GB www.snapshot.antal.com
Tel: +44 (0)207 467 2520 www.antalventures.com
Fax: +44 (0)207 467 2521 www.antalcharitablefoundation.com
Email: Snapshot@antal.com



Global Heat Map
Antal Global Snapshot | Edition 12 - July/August 2012
www.snapshot.antal.com

Antal Global Snapshot - Edition 12

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