The hiring momentum in India slowed down by 2% in October 2016 during the festive season, according to the latest TimesJobs RecruiteX Report.

According to the report, this mirrors global employment trends, which show a dip in hiring activity during this time of year with festivals, celebrations and year-end vacations slowing down recruitment cycles.

“The RecruiteX data trend shows a regular dip in hiring around this festive season. Most people take their annual vacations during this period and it reflects in the manpower planning strategies of companies – which defer recruitments during this period. Post festivities, talent demand is seen to pick up pace," Nilanjan Roy, Head of Strategy, Times Business Solutions, said.

"The rise in demand for professionals in financial accounts and tax consultancies is also a sign of companies preparing for the year ending. With new channels being launched across domains, content and media professionals are also seeing good opportunities for growth,” Roy said.

The report showed, however, that the Finance & Accounting sector reported 19% rise in talent demand, the highest for the month.

Among metros, talent demand was highest in Bengaluru. The city posted a rise of 14% in talent demand during October 2016. Pune followed with a 5% rise in talent demand. Among states, Kerala saw maximum rise (5%) in talent demand during the month.

Meanwhile, the demand for professionals with 10-20 years of experience reported an average rise of 3% during October 2016. None of the other experienced categories posted rise in demand during the month. Professionals with over 20 years of experience saw 8% drop in demand and mid-level professionals with 5-10 years of experience saw 4% drop in demand. Entry-level professionals registered 2% drop in demand during the month.