New York, NY, August 4--The Monster Employment Index dipped slightly in July, as the majority of industries and occupations tracked by the Index showed slight declines in online job availability during the month.
The Index fell two points in July, from 136 in June 2005 to 134 in July 2005, ending a six-month growth trend for the year, but maintaining a sharp increase of 27 points over its July 2004 level of 107.
"Given the Index's strong upward growth trend over the past six months, coupled with the fact that we measured a two-point decline at this same juncture last year, the Monster Employment Index's easing back in July is not surprising at all," said Steve Pogorzelski, president of Monster, North America.
"On the contrary, the consistency between the Index's July 2005 and July 2004 findings suggests that seasonality is a likely explanation for this drop in overall demand for workers over the past month. Despite this decline, however, the Index remains significantly higher than its July 2004 level, demonstrating a marked increase in online recruitment activity compared to last year."
Overall, 12 of 20 industries tracked by the Index experienced declines of varying degrees in online job demand during the month of July, with manufacturing registering a three-month downward trend. Other industries that saw a slight decline in online job availability included finance and insurance; agriculture, forestry, fishing and hunting; and administrative support, waste management and remediation services.
Among the five industries that registered increases during the month, construction showed the sharpest acceleration in online job availability, fueled in part by the low cost of financing, which continues to support demand for both single family housing and condominium development. The increase is also attributable to seasonality, as the construction sector normally gains strength across the nation during the summer and fall seasons when weather is amenable in Northern states.
Other industries showing increased online job availability in July included:
Utilities, which continued a three-month growth trend and registered a particularly large spike in July due to high temperatures. This, in turn, spurred provider activity, as utilities sought to increase capacity and ensure an adequate supply of electricity and water; and wholesale trade and retail trade, two categories that rose in July and have demonstrated stepwise growth over the past several months, due in part to gearing up for the fall/back-to-school shopping season. Both industry categories also tend to have high turnover rates, creating a consistent need to recruit new hires.
Sixteen of 23 occupational categories experienced declines of varying degrees during July, with online demand for legal occupations falling sharply and dipping for the second consecutive month. Other occupations showing slight declines during the month included: healthcare support; arts, design, entertainment, sports and media; food preparation and serving; building/grounds cleaning and maintenance; and office and administrative support.
