- Index falls 12 points in December and remains down 22 percent year-over-year
- Online job availability in finance and insurance industry declines for third consecutive month, demonstrating dramatic impact of current financial crisis
- Demand in real estate, rental and leasing industry dips to a historical Index low, reflecting sustained weakness in the housing sector
- Index shows fewer opportunities in the retail trade industry and for sales and related occupations, as businesses scaled back their recruitment amid low consumer confidence
- By contrast, agriculture, forestry, fishing and hunting; and utilities industries see slight gains, while demand in the mining industry and opportunities for healthcare practitioners and technical occupations remained above year-earlier levels
- Recent slowdown in recruitment activity affecting all U.S. regions by similar degrees, although the South has seen the most modest decline compared to a year ago
- Online job demand declined across all 28 major metro markets with Philadelphia recording the sharpest drop year over year
The Monster Employment Index declined 12 points in December, as economic uncertainty continued to weigh on U.S. online recruitment activity. Year-over-year, the Index is down 22 percent, largely steady from the previous two months, suggesting some stabilization in the rate of slowdown in the labor market following a rapid decline during the third and fourth quarters.
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®.
"In light of current economic conditions and the overall caution being exhibited by employers, it is not surprising that the Monster Employment Index dipped in December," said Jesse Harriott, senior vice president and chief knowledge officer at Monster Worldwide. "Although some of the decline can be attributed to end-of-year seasonality, as the Index has dipped every month of December since its inception, the latest results indicate that conditions in the labor market continue to deteriorate. A somewhat encouraging sign is the fact that the Index’s year-over-year growth rate held steady in December following a drop in both of the previous months.”
Agriculture, Forestry, Fishing and Hunting and Utilities Industries Show Increased Online Job Demand in December
The agriculture, forestry, fishing and hunting; and utilities industries were the only two industry categories to register an increase in online job availability in December. The increase in the utilities industry, which bounced back from a moderate decline in November, was likely a result of a winter seasonal rise in demand among power generation and distribution companies, especially in the Western parts of the country where a sharp increase in demand was visible.
In contrast, the finance and insurance industry registered the steepest decline on record, falling to an all-time Index low and further demonstrating the negative impact the financial crisis has had on recruitment among banks and other financial services firms. Meanwhile, online demand in the retail trade industry dipped for the third consecutive month as retailers faced what could be one of the worst holiday shopping seasons in nearly two decades. Public administration dipped below year-ago levels for the first time on record as government recruiting eased for the second consecutive month. The arts, entertainment, and recreation; and accommodation and food services industries also registered fewer opportunities for the third consecutive month, indicating further slowdown in demand for leisure and hospitality workers.
On a year-over-year basis, the agriculture and mining industries are the only two industry categories reporting growth from a year ago. Meanwhile, public administration, which registered a moderate year-over-year decline, continues to provide some cushion to the private sector slowdown.
Online Job Opportunities for Farming, Fishing and Forestry Occupations Expand in December
Farming, fishing and forestry occupations were the only category to register an increase in online demand in December, as all other occupational categories are visibly impacted by current economic uncertainty and the issues facing the financial and housing industries.
Meanwhile, the food preparation and serving related; personal care and service; and sales and related occupations all registered significant declines in online job availability in December, suggesting that slower household spending has reduced opportunities for both services and sales workers. In fact, personal care and service offerings are down by more than half compared to last year, showing the steepest declines among all occupational categories. Management occupations extended a six-month downward trend, likely the result of less demand for higher-position white-collar occupations. Online recruitment activity also dipped in architecture and engineering; healthcare practitioners and technical; and transportation and material moving.
On a year-over-year basis, farming, fishing and forestry led all categories in terms of year-over-year growth, while healthcare practitioners and technical also reported increased offerings from a year ago, suggesting a still-healthy labor market for skilled healthcare professionals such as nurses.
Online Job Availability Falls in All Nine U.S. Census Bureau Regions in December
Online job demand fell in all nine U.S. Census Bureau regions in December, and all nine remain down year-over-year. The West South Central slipped for the third consecutive month but remains the most resilient among the nine regions. The East North Central registered the steepest rate of decline in the fourth quarter, weighed down specifically by Michigan, while the Pacific region continued to show the sharpest drop year-over-year. Meanwhile, the South Atlantic region reported the most moderate dip in December.
At the state level, the Index showed lower online job availability in all of the 50 U.S. states plus the District of Columbia during December.
Online Job Demand Dips in All of the Top 28 Major U.S. Metro Markets
During December, there were fewer online job opportunities in all of the top 28 metro markets monitored by the Index. Pittsburgh registered the steepest rate of decline, reflecting sharply reduced demand for IT, healthcare and various blue-collar occupations, while online recruitment eased in Kansas City amid sharply reduced opportunities for healthcare workers. Cincinnati fell to an all-time Index low, reflecting slumping demand for production occupations, while Seattle saw a more modest dip, buoyed by solid recruitment opportunities for healthcare and science occupations.
On a year-over-year basis, Philadelphia registered the sharpest annual rate of decline among all local markets monitored by the Index. Meanwhile, Pittsburgh continued to show the most moderate slowdown in online recruitment activity, followed by Houston.
