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Jun 5, 2008: Monster Employment Index Declines in May
NEW YORK--(BUSINESS WIRE)--June 5, 2008--The Monster Employment Index fell eight points in May, ending a three-month upward trend and indicating the end of the early spring recruitment push. 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).
Online job availability rose in five of the 20 monitored industries in May, while eight of the 23 occupational categories showed improvement on the month. With the sharp decline in online job recruitment in May, the Index is now 12 percent below the year-ago level, marking the fifth consecutive month that the Index has shown a year-over-year decline. Index results for the past 13 months are as follows:
May Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. Jul. Jun. May 08 08 08 08 08 07 07 07 07 07 07 07 07 ----------------------------------------------------------------- 166 174 167 165 160 169 183 188 186 186 183 186 189 -----------------------------------------------------------------"After three months of steady growth, the decline in the Monster Employment Index in May suggests further moderation in the job market resulting from a generally softer economic outlook," said Jesse Harriott, Vice President of Research at Monster Worldwide. "Certain sectors, such as food, healthcare, natural resources, public administration, military and utilities are still showing strong demand for workers."
Online Demand in Utilities Shows Largest Monthly Increase in May
Online labor demand in the utilities industry registered the sharpest jump in May, expanding significantly for the first time since a steep decline seen during the early winter months. The sizable increase is likely due in part to the approaching summer season, which tends to put additional strain on utility networks. Online opportunities in the construction industry also edged upward in May, extending a period of mainly steady online job availability in the industry to four consecutive months. The Index also saw an increase in online job opportunities in the agriculture, forestry, fishing and hunting; and mining, quarrying, oil and gas extraction industries.
In contrast, the accommodation and food services industry saw the sharpest decline in online job demand among all industry categories in May, likely a result of further moderation in the hospitality sector.
On a year-over-year basis, two industry categories tracked by the Index are showing greater online job availability compared to a year ago. Public administration; and agriculture, forestry, fishing and hunting are again the Index's top annual growth industries, marking the sixth consecutive month the two categories have held this top spot. Meanwhile, momentum appears weak in the information; and finance and insurance industries, as year-over-year growth rates decelerated rapidly between April and May. Although the utilities industry had the largest upward swing in May, the category remains well below its year-ago level.
Online Demand for Management Occupations Jumps in May, while Education, Training and Library; and Sales and Related Edge Downward
Online demand for management occupations registered the largest monthly increase in May as employers competed for top talent to help economize their operations during a softer economic period. The strong rise in May also elevated the management category above its year ago level for the first time since January. In fact, management is now the only category in the white-collar segment to show over-the-year growth outside of healthcare. Meanwhile, online job demand increased in May for both the military specific; and installation, maintenance and repair occupational categories, marking the fourth consecutive month of steadily increasing job availability.
In contrast, online job availability decreased for education, training and library; food preparation and serving; and sales and related occupations in May, likely signaling the end of the strong spring recruitment season for jobs in these sectors. The decline in sales and related occupations may indicate further caution among employers amid flatter purchasing trends and lower consumer confidence. Reduced recruitment activity was also seen in the transportation and material moving occupations category, a likely by-product of higher fuel prices and congestion in various freight distribution networks.
On a year-over-year basis, six occupational categories are showing higher demand compared to a year ago. The farming, fishing, and forestry category edged out both the healthcare support; and healthcare practitioners and technical categories as the Index's top occupational category in terms of year-over-year growth. The sharp increase in online opportunities for management occupations in May lifted overall recruitment for the category slightly above year-ago levels, following a first quarter that saw limited activity. In contrast, business and financial operations; life, physical and social science; and legal all continued to lose momentum.
Online Job Availability Declines in Eight of Nine U.S. Census Bureau Regions in May
During May, online job availability dipped in eight of the nine U.S. Census Bureau regions, with only the West South Central registering an increase and the Mid-Atlantic region registering the greatest drop. Year-over-year, all nine regions are showing lower online job availability compared to a year ago.
At the state level, online job demand fell in 45 of the 50 U.S. states plus the District of Columbia between April and May.
Online Job Availability Falls in 27 of the Top 28 Major U.S. Metro Markets
During May, online recruitment activity fell in 27 of the 28 U.S. metro areas monitored by the Index. Pittsburgh, the only major market that did not register a decline in May, held steady this month, with elevated activity throughout both the blue- and white-collar segments. Similar to national occupational trends, all major metropolitan markets saw fewer online opportunities for food preparation and serving; and sales and related occupations. Meanwhile, Philadelphia and Washington, D.C. were among the markets showing the steepest declines in May, with reductions in online job postings seen in the sciences, engineering and education.
On an annual basis, two of the 28 monitored markets are showing more online job opportunities than a year ago. Pittsburgh, with accelerated growth in management, construction and production occupations, is once again the Index's top growth market year-over-year. For the first time in the history of the Index, year-over-year growth in Dallas turned downward, despite strong growth in areas such as management, the sciences and healthcare. Los Angeles and Baltimore continue to show the most dramatic declines in online job demand, as white-collar occupations in particular saw year-over-year growth slip in May.
To obtain a full copy of the Monster Employment Index report for May 2008, and access current individual data charts for each of the 28 metro markets tracked, please visit http://corporate.monster.com/Press_Room/MEI.html. Data for the month of June 2008 will be released on July 2, 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(R), 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.
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 Andy Rohr, 617-520-7030 arohr@webershandwick.com SOURCE: Monster Worldwide, Inc.
