Monster WorldWide Inc. (MWW) recently announced that the Monster Employment Index declined one point in November as online demand for workers remained weak across the United States.
This index observes online job demand on a monthly basis and on a year-over-year basis. The index declined 17%.
Headquartered in New York, Monster Worldwide, Inc. is an online recruitment firm of the parent company Monster.com, the leading career website in the world. The company is also the largest advertising agency network for worldwide recruitment, and provides direct marketing services.
Management stated that the trend in online job availability has been largely flat for most of the year and remained so in November. Job losses have continued to slow, but most businesses remain cautious about adding to their payrolls in light of uncertain economic environment.
The utilities industry registered the highest rate of increase in online job demand in November amid a seasonal rise in demand for field workers. However, healthcare and social assistance registered a substantial decline to reach its lowest level on record in the Index. Agriculture, forestry, fishing and hunting is the only industry category showing greater online job availability compared to a year ago.
Monster earns a significant portion of its revenues from recruitment advertising. Many of the key industry verticals of financial services, retail, manufacturing and construction served by Monster were severely affected by the slowdown in the global economy and not able to renew their contracts with the company.
Management had earlier stated that revenue and new business activity might have hit bottom, but revenue continues to be challenged by the global economy and job market and by a reduction in deferred revenue coming into the quarter.
The global recruitment market remains challenging, but the company remains excited about the upcoming launch of next-generation search-and-match products.
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