Monster European Index Shows Record Drop

June 22, 2009 – The Monster Employment Index Europe, a monthly analysis of millions of online job opportunities culled from a large, representative selection of corporate career sites and job boards across Europe, fell 62 points (37 percent) year-on-year, the sharpest annual drop on record. The annual pace of slowdown had improved slightly in April after 13 months of deceleration, but in light of May’s sharp decline, the improvement might prove only temporary. The Index dropped a total of six percent in May, as online recruitment activity fell sharply in Germany, France, Italy and the Netherlands. The drop reflected reduced offerings for workers in the marketing, PR and media sector, a continued softening in real estate and a correction in healthcare and social work, which had previously seen elevated growth. Professionals reported the largest decline in opportunities among occupational groups, signaling falling demand for higher-skill workers. The Index suffered from notable declines in many key markets; however, more modest decreases in Sweden and the U.K. helped moderate the overall reduction. Sweden was buoyed by higher demand for workers in education and the public sector, while the U.K. benefited from an up-tick in hiring for workers in the manufacturing sector. “While the European Commission’s latest report on economic sentiment indicates some stabilization in the general outlook, businesses across Europe are not signaling any tangible intentions toward job creation,” said Hugo Sellert, head of economic research at Monster Worldwide. “With the rate of GDP decline gaining pace during the first quarter and unemployment rising in many countries, the EU labor market remains under pressure.”