Economic Slowdown Melting Jobs , JobSpeak reports 22.4% Decline in New Jobs

Economic Slowdown has started melting jobs . The Overall Job Index fell from 1000 in July 2008 to 776 in November 2008, a marginal decline from 781 in October 2008. However pharma and Telecom sectors continue to see growth in job opportunities.

According to the report ‘JobSpeak’ released by, India’s No.1 Job Site, the Overall Job Index in November 2008 is 776 as compared to 1000 in July 2008 indicating a decline of almost 22.4%.

On the report, Hitesh Oberoi, COO and Director, Info Edge (India) Ltd said, “There is not much impact on the index, as compared to October, despite the seasonality waning off. The sentiment remains subdued and seems to be bottoming out at these levels”.

The Overall Job Index fell from 781 in October 2008 to 776 in November 2008, a marginal decline as compared to the drop in previous months. The hiring scenario remained quiet post the festive season, as slowdown sieved through most industries. Mumbai remained subdued on hiring trends with the index hitting a low of 692.

Despite the slump, Pharma and Telecom have maintained stability at the July level. The worst affected sectors include Banking and Real Estate with a decline in jobs by almost 15% in November, compared with October. The demand for IT Hardware and Telecom professionals moved up by 13% during the month, while that for IT- Software and Business Development professionals moved up marginally.

The index has been calculated based on new jobs added to the site month on month. July 2008 has been taken as a base month with a score of 1000 and August, September, October and November index is compared with the July data.

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