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Monster Employment Index Dips Slightly in June, Suggesting Early Start to Seasonal Summer Slowdown in Online Recruitment Activity
June 2007 Index Highlights: -- Index dips three points in June as summer slowdown in hiring seemingly arrives slightly earlier than in previous years -- Index records slowest annual growth pace on record, suggesting renewed moderation in online job demand following five-month upward trend -- Recruitment of white-collar occupations such as legal, and business and financial operations declines sharply in June -- Online opportunities for healthcare workers continue to expand, suggesting growing imbalance between supply and demand -- Online job availability in sales and related occupations shows negative over-the-year growth for the first time since the Index's inception -- Pacific region registers largest decline in online recruitment activity amid softness in California, while West South Central remains the top growth region year-over-year
NEW YORK--(BUSINESS WIRE)--July 5, 2007--The Monster Employment Index dipped three points in June, suggesting that the seasonal summer slowdown in hiring activity typically seen in July may have arrived slightly earlier than in previous years, but also pointing to renewed moderation in online job demand after five months of growth. The Monster Employment Index is based on a real-time review of millions of employer job opportunities culled from more than 1,500 different Web sites, including Monster(R).
The Index's slight decline last month brought its year-over-year growth rate down to nine percent, the slowest on record. Overall, only six of 20 industries and six of 23 occupational categories tracked by the Index registered increased online job availability last month. Index results for the past 13 months are as follows:
Jun. May Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. Jul. Jun. 07 07 07 07 07 07 06 06 06 06 06 06 06 ---------------------------------------------------------------- 186 189 186 185 177 168 167 175 172 172 173 165 171 ----------------------------------------------------------------
"The slight decline in the Monster Employment Index in June follows five consecutive months of rising online recruitment activity, and signals an earlier-than-usual arrival of the anticipated summer seasonal slowdown," said Steve Pogorzelski, Executive Vice President, Global Sales and Customer Development at Monster Worldwide. "The findings are also consistent with other indicators pointing to further moderation in the U.S. economy. These include the recent decline in U.S. consumer confidence and continued softness in the housing sector," added Pogorzelski.
Agriculture, Forestry, Fishing and Hunting; Transportation and Warehousing; and Finance and Insurance Industries Show Greater Demand for Workers in June
For the second consecutive month, the agriculture, forestry, fishing and hunting industry category registered the highest rate of increase in online job opportunities over the month. The growth in online job demand in the industry between May and June is in dramatic contrast with the category's downward movement during the same period last year. Furthermore, agriculture, along with transportation and warehousing; and public administration, has actually been among the industries showing the most consistent monthly growth this year. Online opportunities in the educational services industry also increased for the fifth consecutive month, as the attrition rate among new teachers and the number of veteran teachers nearing retirement remains high.
By contrast, industries in the leisure and hospitality area (arts, entertainment and recreation; and accommodation and food services) exhibited steep drop-offs in their annual growth rates compared to a year ago. In fact, overall online job availability levels in six industries, including finance and insurance, are lower than a year ago according to the latest Index findings.
Online Demand for Healthcare Occupations Continues Upward Momentum in June
Online recruitment activity for healthcare workers continued to rise in June, with advertised opportunities in the healthcare support category (up 12 points) increasing the most on the month, followed by healthcare practitioners and technical (up seven points). Healthcare occupations extended a steep five-month upward trend and the categories are now the fastest growing on a year-over-year basis, demonstrating high demand for both high- and low- skilled workers amid a persistent labor shortage across the healthcare industry. Education, training and library; and food preparation and serving occupations also saw increased online job availability in June.
In contrast, online demand for personal care and service occupations dipped the most between May and June, following explosive growth during the earlier part of the year. Legal occupations also posted a significant decline last month, following three months of elevated online job availability. Nevertheless, a total of 20 occupational categories are showing greater online job demand on a year-over year basis.
Online Job Demand in Pacific Region Eases, while Opportunities in the West South Central Region Rise
Among the nine U.S. Census Bureau Regions tracked, New England was the best performing region, remaining unchanged in June, and topped the list for the third consecutive month. Although the West South Central region dipped two points last month, it has demonstrated the strongest long-term growth and is now up 23 percent year-over-year. In contrast, the Pacific region declined sharply over the month (down eight points), continuing its downward trend largely due to reduced online recruitment activity in California. The moderation in online recruitment suggests that the cooling housing market and overall softer economy is beginning to adversely impact employer demand in the Golden State. Only five U.S. states registered increases in online job demand last month.
To obtain a full copy of the Monster Employment Index report for June 2007, including all charts and tables, please visit http://www.monsterworldwide.com/Press_Room/MEI.html. Data for the month of July 2007 will be released on August 2, 2007.
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 more than 1,500 Web sites, including a variety of corporate career sites, job boards and 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 ARC Research. 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 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 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.
