Monster Worldwide (NYSE:MWW) Not Concerned Over Slow Job Market

Monster Worldwide (NYSE:MWW) has exploded in growth since bottomed out a $10.22 a share on August 25, soaring by over 100 percent since then.

And even though the job market continues to be a disaster, they aren't too concerned going forward.

Canaccord commented saying,, "The online careers and recruiting firm dipped after a U.S. government report showed unemployment increased in November and employers added fewer jobs. According to the U.S. Bureau of Labor Statistics, the unemployment rate crept to 9.8% last month, as job availability in most major industries was little changed. This contrasted with Monster’s own gauge of labour demand, released a day earlier, which showed a decrease in November but a gain from a year ago. According to Monster, its employment index fell to 134 points in November from 136 in October. The monthly dip was mostly due to weakness in the finance and insurance sector, which dropped 4% from a year ago, Monster said. Seventeen out of 20 industries and 18 of 23 occupations saw monthly increases, highlighted by the retail trade industry, up 22% from a year ago, due to robust demand for seasonal workers in advance of the holiday sales period. While both the Labor Department report and proprietary index paint a moderately negative jobs picture, (see comment above) Monster is not overly concerned; “The outlook...continues to be one of modest recovery with job availability generally higher over the year across most sectors as we approach 2011,” noted the firm. Yes, the November reading was lower than October, concluded Monster, but it is still 13% higher than a year ago, and marks the 10th-consecutive month of year-over-year growth."

Monster closed at $23.23 Monday, up slightly by $0.03, or 0.13 percent.