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Jul 31, 2008: Monster Employment Index Slips in July
Online job availability rose in four of the Index's 20 industry categories and in three of the 23 occupational categories measured during the month of July. On a year-over-year basis, the Index is now down 14 percent from a year ago. Index results for the past 13 months are as follows:
Jul. Jun. May Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. Jul. 08 08 08 08 08 08 08 07 07 07 07 07 07 --------------------------------------------------------------------- 157 163 166 174 167 165 160 169 183 188 186 186 183 ---------------------------------------------------------------------"The decline in U.S. online recruitment activity during July is likely due in part to the seasonal summer slowdown that is typical of this time of year; however, the breadth and depth of the contraction in July also suggests further softness in the country's underlying demand for labor," said Jesse Harriott, Vice President of Research at Monster Worldwide. "While the financial, real estate and construction sectors have been the most visible drag on the Index in recent months, the sharp drop in online recruitment within the support services sector during July suggests that the U.S. economic slowdown is beginning to have an even broader ripple effect."
Arts, Entertainment, and Recreation Industry Registers Largest Monthly Gain in Online Job Demand in July
Online job demand in the arts, entertainment and recreation industry registered the highest rate of increase in July, rebounding from a near-historic low in June. The public administration; agriculture; and mining sectors also edged slightly higher in July, with the two latter industry sectors reporting historical Index highs.
In contrast, online demand in the retail trade industry dipped in July, ending a strong six-month upward growth trend. Meanwhile, real estate saw the largest rate of decline on the month, reflecting continued turmoil in the housing industry.
On an annual basis, the mining industry returned to positive annual growth after a long period of decline and now joins longtime annual growth leaders, agriculture and public administration, at the top of the list. The healthcare and social assistance industry slipped from its year-ago level in July, following seasonally robust demand for practitioners and support workers over the past few months. The arts, entertainment and recreation; real estate; utilities; and finance/insurance industries have seen the largest declines in demand over the past 12 months.
Farming, Fishing, and Forestry Occupations See Greatest Increase in Online Job Availability in July
Among occupations, farming, fishing and forestry registered the strongest monthly increase in online job availability in July. Online demand for healthcare support occupations also edged higher, suggesting that employers may have initiated an early start to their recruiting season, which typically gets underway later in the summer.
In contrast, arts, design, entertainment, sports and media; and office and administrative support were the two occupational categories that registered the sharpest declines on the month.
On a year-over-year basis, five occupational categories are showing higher demand compared to a year ago. Farming, fishing, and forestry remains the Index's top occupational category in terms of annual growth and has held this position for three consecutive months. The Index's two healthcare-related categories also gained momentum in July, while military specific and management occupations continued to exhibit positive, albeit slightly decelerated, annual growth rates compared to June. Meanwhile, online demand for installation, maintenance and repair workers leveled off on the year following positive growth in the spring months, while construction moved toward a more rapid rate of annual contraction.
Online Job Availability Declines in All Nine U.S. Census Bureau Regions in July
During July, online job availability dipped in all nine U.S. Census Bureau regions, with the West North Central region registering the largest decline on the month, likely brought on in part by the devastating floods that hit the region in June. At the opposite end of the spectrum, the East South Central region showed the smallest monthly dip.
Year-over-year, all nine regions are showing lower demand compared to a year ago, with the West South Central region failing to match or exceed its year-ago level for the first time, likely influenced by the deceleration of online recruitment activity in the previously booming Texas markets.
At the state level, online job demand fell in all 50 U.S. states plus the District of Columbia between June and July.
Online Job Availability Declines in 27 of the Top 28 Major U.S. Metro Markets
Online recruitment activity eased in 27 of the 28 U.S. metro areas monitored by the Index in July, with only Miami registering an increase during the month. Orlando and Indianapolis were among the markets that experienced the strongest monthly declines. Pittsburgh, the strongest trending market since February, also saw a steep decline in July, mostly due to reduced demand for management; arts; and office/administrative support occupations.
On an annual basis, Pittsburgh is the only metro market now showing greater online job availability compared to a year ago and remains the Index's top growth market year-over-year due to continued strong demand for healthcare, IT, education, construction and production occupations. Boston, weighed down by further losses in business/financial operations; office/administrative support; and education, suddenly has one of the most contracting online recruitment markets. Meanwhile, Los Angeles dipped to its lowest level of online job availability in more than three years as the market continued to shed business/financial operations; sales; and construction opportunities.
To obtain a full copy of the Monster Employment Index report for July 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 August 2008 will be released on September 4, 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.
SOURCE: Monster Worldwide, Inc.
General Information: Monster Worldwide Deepika Murty, 978-461-8765 Deepika.Murty@monster.com or Media Inquiries: Weber Shandwick Andy Rohr, 617-520-7030 arohr@webershandwick.com
