Worldwide executive search revenue fell 32.5% in 2009 to $7.43 billion from 2008 revenue of $11.0 billion, according to a new report by the Association of Executive Search Consultants.

2008 marked the highest level of revenue recorded by the executives search industry, according to the AESC.

Revenue declines began to slow during the fourth quarter of 2009, according the AESC.

"We are gradually seeing increased search activity in many parts of the world, albeit exercised with more caution than with pre-recession hiring, and what appears to be a sustainable upward trend of demand," AESC President Peter Felix said.

Staffing Industry Analysts estimates U.S. retained search revenue fell 39.7% to $4.4 billion in 2009 from $7.3 billion in 2008.