The number of new executive searches started fell 8.1 percent worldwide in the third quarter compared to the second quarter, according to a report released today by the Association of Executive Search Consultants. However, the number of new searches is up 5 percent over the third quarter of 2010, and revenue rose 8.3 percent on a year-over-year basis.

The North America region saw the smallest quarterly decline in new searches, falling 5 percent from the second quarter. However, new search activity in North America is up 11 percent year over year.

“Given the extraordinary volatility in global economic confidence during the third quarter, due to the European debt crisis and uncertainty in the United States, it is no surprise that executive search activity has been affected,” said AESC President Peter Felix. “However, while search starts are down in most sectors and regions of the world, revenues have only been marginally affected due to the increased average fee per assignment.”