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Naukri.com: Job Index indicates 28% growth in new hiring in August 2010

According to a study by Info Edge India’s job portal Naukri.com, the job market witnessed a marginal drop in new hiring in August 2010, as compared to a month ago and a growth of 28 per cent as compared to a year ago. JobSpeak, an index that showcases the current job scenario, states that the overall job index in August 2010 was 956, as compared to 963 in July 2010 and 701 in August 2009.

According to a study by Info Edge India’s job portal Naukri.com, the job market witnessed a marginal drop in new hiring in August 2010, as compared to a month ago and a growth of 28 per cent as compared to a year ago. JobSpeak, an index that showcases the current job scenario, states that the overall job index in August 2010 was 956, as compared to 963 in July 2010 and 701 in August 2009.

Hitesh Oberoi, CEO and MD, Info Edge India, has said, “Stability in hiring activity across industries, functional areas and cities echoes continued optimism. Job seekers can therefore look forward to a favourable second half of the year, with sectors like Banking, ITES and Construction taking a lead in job creation.”

A detailed analysis of the job index reveals that 5 out of the top 10 industry sectors and 9 out of the top 10 functional areas registered positive monthly growth. Key industry sectors like Banking, ITES and Construction clocked impressive growth figures with the index moving up by 14 per cent, 6 per cent and 5 per cent respectively in August 2010 over July 2010.

On the contrary, the Insurance sector witnessed the steepest monthly decline of 40 per cent in August 2010 as compared to July 2010. Similarly, hiring activity in the Telecom, Oil & Gas and Pharma sectors dipped by 7 per cent, 8 per cent and 14 per cent respectively over the same time period. However, the three month moving average indices of the above mentioned sectors exhibit steady growth trends in August 2010 over July 2010.

Chennai and Pune witnessed an upsurge in jobs in August 2010 with their job indices moving up by 7 per cent and 5 per cent respectively over July 2010. Similarly, Bangalore and Kolkata continued their hiring momentum with their August 2010 index inching by 2 per cent over July 2010. Most of the other cities including Delhi-NCR, Mumbai and Hyderabad saw steady recruitment levels over the same time period.

The job index has been calculated based on new jobs added to Naukri.com by clients and jobs acquired from Naukri.com’s existing clients by its tele-calling team month on month. According to Info Edge India, more than 35,500 national and international clients used Naukri.com in 2009-2010, leading to high reliability of data.

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