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May 1, 2008: Monster Employment Index Rises in April
NEW YORK--(BUSINESS WIRE)--May 1, 2008--The Monster Employment Index added seven points in April, as online job availability in the U.S. continued to rise moderately for the third consecutive month. Despite the gradual upward trend during the past three months, the Index remains down six percent year-over-year, but its growth rate was slightly improved from the year-over-year reading in March. 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 March, a majority of industry and occupational categories tracked showed greater online job demand in April, with 17 of 20 industries and 21 of 23 occupations registering gains. Index results for the past 13 months are as follows:
Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. Jul. Jun. May Apr. 08 08 08 08 07 07 07 07 07 07 07 07 07 ---------------------------------------------------------------------- 174 167 165 160 169 183 188 186 186 183 186 189 186 ----------------------------------------------------------------------"While the Monster Employment Index registered its strongest single month gain in over 12 months, the increase was largely seasonal in nature and U.S. online recruitment activity remains softer compared to a year ago," said Jesse Harriott, Vice President of Research at Monster Worldwide. "At the same time, the Index's three-month growth trend, combined with its slightly improved year-over-year growth rate, is an encouraging sign of stabilization in the U.S. labor market."
Online Demand in Accommodation and Food Services Shows Largest Monthly Increase in April
Online demand in the accommodation and food services industry registered the largest increase in April, reflecting the approaching summer hiring season for hospitality workers, as well as the increase in foreign tourists to the U.S. resulting from the weak dollar. Arts, entertainment and recreation also jumped in April, while the finance and insurance industry saw a slight increase, demonstrating a degree of stabilization in the broader financial sector, despite highly publicized layoffs in the banking industry. Online job recruitment activity also turned sharply higher in the management of companies and enterprises industry, following a slight decrease in March.
In contrast, both the utilities; and mining, quarrying and oil and gas extraction industries registered declines last month, while agriculture, forestry, fishing and hunting held steady.
On a year-over-year basis, four industries categories tracked by the Index are showing greater online job availability compared to a year ago. Public administration; and agriculture, forestry, fishing and hunting remain the Index's top annual growth industries, having held those positions for five consecutive months. Year-over-year growth turned positive for the information industry in April, as online job postings surged at the onset of the traditional recruitment season for the technology industry. Meanwhile, the utilities and educational services industries both saw historical declines and remain down year-over-year.
Demand for Food Preparation and Serving Occupations Shows Largest Increase in April, while Architecture and Engineering Edged Slightly Downward
Online demand for food preparation and serving occupations registered the largest monthly increase in April, a customary trend for this time of year as hiring activity typically picks up ahead of the busy summer season. The rise may point to optimism among food service employers that consumer spending patterns will remain somewhat steady over the coming months. Among white-collar occupational categories that showed low activity in March, legal occupations saw the largest upswing in demand last month. Opportunities in business and financial operations occupations also expanded sharply, rebounding from a notably weak first quarter.
In contrast, online job availability edged slightly downward for architecture and engineering occupations in April, contrary to the normal steady build up in recruiting activity usually seen at the start of the spring.
On a year-over-year basis, five occupational categories are showing higher demand compared to a year ago. Healthcare support has edged out farming, fishing, and forestry as the top growth occupation over the year, with healthcare practitioners and technical occupations rounding out the top three. Installation, maintenance, and repair saw its annual growth rate turn positive in April, indicating a return of heightened demand for assorted manual and technical service professionals. Despite recent month-to-month growth, the legal category continues to show one of the most pronounced annual declines in the Index.
Online Job Availability Rises in All Nine U.S. Census Bureau Regions in April
During April, online job availability increased in all nine U.S. Census Bureau regions, with the East South Central region showing the strongest gain, followed by the Mid-Atlantic and West South Central regions. Overall, online demand in regions located in the southern area of the U.S. showed the sharpest increases in opportunities, as business expansion proceeded at a higher pace there than in other parts of the country. Year-over-year, eight of the nine regions are showing lower online job availability than a year ago, with only the West South Central region registering an increase over the year.
At the state level, online job demand rose in 46 of the 50 U.S. states plus the District of Columbia between March and April.
Online Job Availability Rises in All of the Top 28 Major U.S. Metro Markets
During April, online recruitment activity rose in all of the 28 U.S. metro areas monitored by the Index, with Orlando registering the largest gain, driven by strong demand for healthcare and blue-collar workers. Other metro markets in Florida, including Miami and Tampa, also demonstrated above-average growth during the month. Philadelphia was the second strongest market, followed by Kansas City, Indianapolis and Cincinnati. Meanwhile, Phoenix, Sacramento and Seattle had the smallest gains, with below average increases in online recruitment activity for legal and white-collar occupations.
On an annual basis, seven of the 28 monitored markets are showing more online job opportunities than a year ago, with Pittsburgh again ranking as the Index's top growth market year-over-year, a position it has held for three consecutive months. Houston and Dallas again remained among the top five amid continued high demand for healthcare, education and production occupations. In contrast, Los Angeles, followed closely by Baltimore, noted the largest annual decline among all markets tracked by the Index. Both markets have seen substantial reductions in online recruitment activity for healthcare, construction and transportation over the past 12 months.
To obtain a full copy of the Monster Employment Index report for April 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 May 2008 will be released on June 5, 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.
