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Dec 4, 2008: Monster Employment Index Declines in November
--Public administration remains the Index's most resilient industry category, although the trend appears to be weakening
--Demand in the professional, scientific, and technical services industry continues to wane as slower business activity and lack of financing have reduced hiring activity
--Food preparation and serving related occupations registered a slight increase as hotels and restaurants sought to staff up for the holiday season
--On an annual basis, only farming; fishing and forestry; and healthcare practitioners and technical maintained positive growth
--Demand fell across all major regions of the country with the West South Central still holding up the best
--Orlando was the only major U.S. market among the top 28 local markets to see an increase on the month and every market is now down year-over-year
The Monster Employment Index fell seven points in November, as further economic uncertainty and workforce reductions continued to weigh on U.S. online recruitment activity. Year-over-year, the Index is now down 22 percent, with U.S. online job availability at its lowest level since 2004.
The Monster Employment Index is a monthly gauge of U.S. online job demand based on a real-time review of millions of employer job opportunities culled from a large representative selection of corporate career Web sites and job boards, including Monster(R).
During November, online job availability rose in just one of the Index's 20 industry categories and in three of the 23 occupational categories measured. Index results for the past 13 months are as follows:
Nov. Oct. Sept. Aug. Jul. Jun. May Apr. Mar. Feb. Jan. Dec. Nov. 08 08 08 08 08 08 08 08 08 08 08 07 07 143 150 160 159 157 163 166 174 167 165 160 169 183"With the end of the year approaching, overall demand for seasonal workers, including temporary retail positions, looks to be limited," said Jesse Harriott, senior vice president and chief knowledge officer at Monster Worldwide. "The dim outlook for this year's holiday shopping season appears to have helped to negate the typical seasonal hiring lift the Index has seen in past years. In fact, online opportunities for sales and related positions have been contracting over the past several months, with both the retail and wholesale trade segments showing weakness due to tightened consumer spending."
Agriculture, Forestry, Fishing and Hunting Shows Slight Increase in Online Demand in November
Agriculture, forestry, fishing and hunting was the only industry category to register an increase in online demand in November. Meanwhile, public administration continues to lead all industry sectors in annual growth for online recruitment activity, with an Index reading seven percent higher than a year ago. Although growth remains positive, the latest movement reflects a significant deceleration, likely a result of state and local government scaling back hiring activity at a time of heightened uncertainty regarding tax receipts and budgets.
In contrast, the professional, scientific, and technical services industry has continued to decline over the past three months, which is typically a strong hiring period for the sector, likely due in part to the widespread scarcity of venture capital and assorted financing options that, in past years, have fueled startups and investment-heavy projects in biotechnology, sustainable technology, and computing. At the same time, online demand in the real estate and rental and leasing industry reached a historical low in the Index, while finance and insurance nearly matched its historic low, reflecting ongoing turmoil in the housing and financial markets.
On a year-over-year basis, public administration remains the Index's fastest growing industry category, followed closely by mining, which is showing five percent growth from a year ago and is the only other industry category showing an increase in demand over the year.
Online Job Opportunities for Protective Service; Food Preparation and Serving; and Farming, Fishing and Forestry Occupations Expand Slightly in November
Protective service occupations registered the highest rate of increase in November, followed closely by food preparation and serving; and farming, fishing and forestry. Although an increase in recruitment for food service workers in the month of November is rare, the nominal one point rise between October and November of this year suggests that employers may have erred too much on the side of caution in hiring during the early autumn months when they typically staff up for the holiday season.
In contrast, online demand for sales and related occupations has plunged in recent months and the category was last at this level in February 2004, weighed down by the depressed retail job market and further tightening in U.S. consumer spending. The management category also fell sharply for the second consecutive month, suggesting that the global economic slowdown has affected businesses at their cores, resulting in cut backs at even high-level positions.
On a year-over-year basis, healthcare practitioners and technical; and military specific remain the only large occupational categories, by volume of job postings, to exhibit annual growth in the Index.
Online Job Availability Falls in All Nine U.S. Census Bureau Regions in November
Online job demand fell in all nine U.S. Census Bureau regions in November, and all nine are down year-over-year, with the West South Central and East South Central regions registering the mildest annual contractions. By contrast, the Pacific region continues to be the worst performing region by monthly and annual growth rates, although the New England region has also lost considerable ground in recent months.
At the state level, online job demand fell in 45 of the 50 U.S. states plus the District of Columbia during November.
Online Job Demand Dips in 25 of the Top 28 Major U.S. Metro Markets
During November, Orlando was the only major metropolitan market to register a monthly increase in online recruitment activity. The increase, however, represents a marginal two-point rise from a historical Index low in October. Meanwhile, online recruitment in Houston was steady between October and November. Unlike Dallas, where recruitment activity has slowed considerably, Houston continues to exhibit demand for workers in a number of occupational categories that runs counter to national trends, most notably in the sales and related category.
For the first time since the Index's inception, the most resilient major metropolitan market, Pittsburgh, registered a negative annual growth rate. Meanwhile, neighboring Philadelphia had the most rapid deceleration in annual growth rate among major metropolitan markets.
To obtain a full copy of the Monster Employment Index report for November 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 December 2008 will be released on January 8, 2009.
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. (NYSE: MWW), parent company of Monster(R), the premier global online employment solution for more than a decade, strives to bring people together to advance 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 NYSE. To learn more about Monster's industry-leading products and services, visit www.monster.com. More information about Monster Worldwide is available at http://corporate.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.
SOURCE: Monster Worldwide, Inc.
General Information: Monster Worldwide Deepika Murty, 978-461-8765 Deepika.Murty@monster.com or Media Inquiries: Weber Shandwick Christian Harper, 212-445-8135 charper@webershandwick.com
