The executive search market failed to create enough demand in May to overcome a glut of closed and canceled searches, showing persisting signs of a market with excess capacity. Opened searches remained relatively steady in May at 435 versus 439 in April. Though steadying demand, it wasn’t enough to overcome a similarly flat trend in canceled searches and a surge in closed searches. Closed searches jumped almost 20% MoM from 304 in April to 361 in May. That jump in closed searches meant May became the third straight month of declines in net adds—the first time since Q4 2024.