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Jan 31, 2008: Monster Employment Index Declines in January
NEW YORK--(BUSINESS WIRE)--Jan. 31, 2008--The Monster Employment Index fell nine points in January, extending a three-month downward trend and indicating further moderation in U.S. online recruitment activity. The Monster Employment Index is based on a real-time review of millions of employer job opportunities culled from a large, representative selection of corporate career sites and job boards, including Monster(R).
Similar to December, nearly all of the 20 industries and 23 occupational categories tracked by the Index registered lower online job availability in January. In fact, only one industry category and one occupational category edged up slightly. As a result of the January findings, the Index's year-over-year growth rate is now down eight points, or nearly five percent, the first annual decline on record. Index results for the past 13 months are as follows:
---------------------------------------------------------------- Jan. Dec. Nov. Oct. Sept. Aug. Jul. Jun. May Apr. Mar. Feb. Jan. 08 07 07 07 07 07 07 07 07 07 07 07 07 ---------------------------------------------------------------- 160 169 183 188 186 186 183 186 189 186 185 177 168 ----------------------------------------------------------------"The Index's decline in January was likely due to aspects of seasonality that continued over from the previous month as well as a slowing U.S. economy," said Jesse Harriott, Vice President of Research at Monster Worldwide. "The swift, recent actions by the Federal Reserve and White House to enact fiscal and monetary measures designed to stimulate the broader economy are encouraging signs that could help reassure employers and consumers that an economic downturn may be brief."
Online Demand in Mining Industry Increases in January while all other Industry Categories Decline
Nearly all industry categories tracked by the Index registered lower online demand in January, with only the mining industry showing an increase of three points. Meanwhile, online job demand in the arts, entertainment, and recreation; and accommodation and food services industries dipped sharply in January, falling 26 and 20 points respectively, suggesting that lower consumer confidence and household spending has made employers in the hospitality industry hesitant to expand operations. At the same time, online opportunities in the retail trade industry fell 12 points in January, possibly a reflection of slower-than-expected holiday sales and a weak forecast for 2008.
Online job availability in the finance and insurance industry dropped 21 points on the month, likely driven by slower demand in the banking sector due to the lingering crisis in the sub-prime mortgage industry. In fact, the finance and insurance industry has declined 28 percent over the past three months and 16 percent year-over-year. Online recruitment dipped for the fourth consecutive month in the transportation and warehousing industry, falling 13 points, however, the industry remains up nine percent year-over-year, due in part to higher demand in the shipping industry spurred by rising international trade.
Personal Care and Service Occupations Edge Higher in January, while all other Occupational Categories Decline
During January, personal care and service was the only occupational category to register an increase in online job demand, rising four points. Meanwhile, fewer opportunities were reported in arts, design, entertainment, sports, and media; and food preparation and serving related occupations, with both categories falling 13 and 12 points respectively. At the same time, demand for sales and related occupations also declined, falling nine points while the transportation and material moving category shed eight points and is now down 10 percent on the year. This downward trend is likely due in part to a lower demand for truck drivers as a result of surging oil prices and an overall slowing economy.
Opportunities for workers in business and financial operations declined sharply in January, and are down ten percent year-over-year, reflecting the continued impact of the sub-prime mortgage crisis. Meanwhile, healthcare support remained the Index's top growth category on a year-over-year basis, signaling strong demand for lower-skill healthcare workers, as well as other hospital support and office staff. The healthcare practitioners and technical category is also up significantly from a year ago, though demand has dropped substantially over the past three months. Overall, 16 of 23 occupational categories remain higher year-over-year.
Online Job Availability Declines in all Nine U.S. Census Bureau Regions in January
During January, online job availability decreased across all nine U.S. Census Bureau regions. Similar to December, the South Atlantic region again showed the mildest decline on the month. Among the regions, the West South Central continued to record the highest over-the-year growth, up 10 percent, while the Pacific dipped the most year-over-year, down eight percent. Forty-eight of the 50 states and the District of Columbia registered lower online job availability in January, while Maine and South Dakota were the only states showing increases. While all states are lower than three months ago, Arizona, California and Florida are down the most year-over-year.
Online Job Availability Declines in all 28 Major U.S. Metro Markets in January
During January, online recruitment activity fell in all of the 28 U.S. metro areas monitored by the Index, with the largest decreases noted in Kansas City, Boston, Detroit and Chicago. Meanwhile, Miami reported the most moderate decline, falling just two points on the month. Kansas City was driven lower by fewer opportunities in seasonal sectors, such as production and education occupations, as well as a marked slowdown in demand for computer and math (IT); and life, physical and social science professionals. At the same time, online recruitment in the Boston area eased due in large part to a decline in the transportation sector, and lower demand for business and financial operations; as well as sales and related occupations. While Detroit was dragged down by a seasonal slump in blue-collar demand (construction, production) in January, white-collar occupations, such as management and the sciences, have declined the most year-over-year. Chicago also saw a sharp seasonal reduction in demand for manufacturing workers, but is seeing the most significant year-over-year declines in online job availability for sales and creative occupations.
On an annual basis, only 13 of the 28 markets tracked are showing increased online job availability. Houston, Pittsburgh and St. Louis remain the top growth markets while Baltimore, Orlando and Sacramento are down the most. Houston's top growth sector remains healthcare, followed by other strong areas reporting solid growth, such as management, education and transportation. Year-over-year growth in Pittsburgh is being fueled by sharply higher demand in the blue-collar segment, while St. Louis has been buoyed by increased opportunities for healthcare, social services and office and administrative support occupations.
To obtain a full copy of the Monster Employment Index report for January 2008, and access current individual data charts for each of the 28 metro markets tracked, please visit http://www.monsterworldwide.com/Press_Room/MEI.html. Data for the month of February 2008 will be released on March 6, 2008.
About the Monster Employment Index
Launched in April 2004 with data collected since October 2003, the Monster Employment Index is a broad and comprehensive monthly analysis of U.S. online job demand conducted by Monster Worldwide, Inc. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of corporate career sites and job boards, including Monster, the Monster Employment Index presents a snapshot of employer online recruitment activity nationwide. All of the data and findings in the Monster Employment Index have been validated for their accuracy through independent, third party auditing conducted on a monthly basis by Research America, Inc. The audit validates the accuracy of the online job recruitment activity measured within a margin of error of +/- 1.05%.
About Monster Worldwide
Monster Worldwide, Inc. (NASDAQ: MNST), parent company of Monster, the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 index and the NASDAQ 100. To learn more about Monster's industry-leading products and services, visit www.monster.com. More information about Monster worldwide is available at www.monsterworldwide.com.
Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding Monster Worldwide, Inc.'s strategic direction, prospects and future results. Certain factors, including factors outside of Monster Worldwide's control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which Monster Worldwide operates, risks associated with acquisitions, competition, seasonality and the other risks discussed in Monster Worldwide's Form 10-K and other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference.
CONTACT: General Information: Monster Worldwide Kathryn Burns, 212-351-7063 kathryn.burns@monsterworldwide.com OR Media Inquiries: Weber Shandwick Lauren McDonald, 617-520-7116 lmcdonald@webershandwick.com SOURCE: Monster Worldwide, Inc.
