Monster Employment Index Reaches 2.5 Year High
Today's employment report from the BLS was pretty bleak, with only 57,000 new private sector jobs added in June, bringing the unemployment rate up to 9.2% last month, the highest level since last December's 9.4% rate.
The labor market news from today's Monster Employment report on online job demand and recruitment activity for June was a little more upbeat, with the Monster Employment Index increasing to the highest level since October 2008 (see chart above). Other highlights include:
1. The Monster Index grew at an annual rate of 4% in June, marking the 17th consecutive month of year-over-year growth.
2. By industry, 13 out of 20 sectors showed annual growth in online job demand, with the mining, quarrying, oil and gas extraction industry leading the Monster Index with a 60% yearly increase, followed by utilities with a 25% annual gain. More evidence here that drill, drill, drill = jobs, jobs, jobs.
3. 26 of the 28 metro markets recorded positive annual growth in job demand for June, with Minneapolis leading (+24%) the country, followed by Detroit (+22%), Cleveland (+18%) and Cincinnati (+18%). The only metro area with an annual decline in job demand was Washington, D.C., which experienced a -7% decrease in June.
From Monster Worldwide Senior VP Jesse Harriott:
“It is encouraging to see that the Monster Employment Index U.S. has reached its highest level since October 2008 and has shown continued growth in the current economic cycle. Expansion in recruitment activity for the commerce sectors, like retail and wholesale trade in particular, is a positive indication of continued momentum in economic activity.”
Update: The chart below shows the strong correlation between: a) BLS private payroll jobs and b) the Monster Employment Index over the last 7.5 years.