The Index's three-point gain last month was smaller than the typical rise seen in past months of August and trimmed the Index's annual growth pace to roughly 7.5 percent, its lowest level on record and a further indication of softening employer demand for labor. Overall, 10 of 20 industries and 16 of 23 occupational categories tracked by the Index registered increased online job availability last month.
"Although the Index was broadly up in August, the overall increase in online job availability was more modest than in previous years and points to further moderation in online recruitment activity compared to last year," said Steve Pogorzelski, Executive Vice President, Global Sales and Customer Development at Monster Worldwide. "The Index's findings suggest that employers are recruiting more cautiously amid general uncertainties as to how much the troubled domestic housing sector will negatively impact broader U.S. economic growth in the months ahead."
Among industries, the administrative, support, waste management and remediation category registered the highest rate of increase in online job availability during the month of August, rising seven points, or six percent, followed by arts, entertainment and recreation; and information. Meanwhile, finance and insurance surprisingly edged up six points, or four percent, but remains flat year-over-year. Online job availability in the construction industry also rose eight points in August and is now up nine percent on a year-over-year basis. The transportation and warehousing industry, which added eight points in August, remains the top growth category among industries on an annual basis.
In contrast, the retail trade and public administration industry categories saw the largest declines in August, as both fell about four percent on the month. The sharp seven-point drop in online demand in the retail trade industry was unexpected and pushed its annual growth into the single digits for the first time since the Index's inception. Although August has not always brought an increase in recruitment activity to the retail sector in the past, the size of the decline suggests that retailers have been much more cautious lately about hiring than in previous years. The mining industry category also saw a significant drop-off in online job demand last month, falling nine points and continuing a six-month downward trend.
The education, training and library; community and social services; and office and administrative support occupational categories registered the largest gains in online job availability in August, as schools and other public and private community service entities commenced hiring for the fall semester, and corporate sector strength helped fuel hiring for call center and customer service employees. The up-ticks in these categories mirror similar August Index findings in each of the previous years since its inception.
Meanwhile, the sales and related occupational category registered a modest two-point gain in August, but remains down on a year-over-year basis for the third consecutive month. Contrary to seasonal expectations, online recruitment for business and financial operations occupations remained flat in August and is now up just two percent on the year.
The food serving and related occupations category saw the sharpest decline in August, falling seven points, or three percent, while fewer online job opportunities in the legal sector caused that category to shed five points, or two percent. Nevertheless, both categories remain up on a year-over-year basis, with food serving and related up a sizable 15 percent and legal up nine percent over the year.
