Monster Worldwide Tanks on Jobs Report

Online recruiting company Monster Worldwide suffers the biggest share price drop on the S&P 500 Index Friday.
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NEW YORK (TheStreet) -- Online recruiting company Monster Worldwide (MWW) suffered the biggest share price drop on the S&P 500 Index near midday Friday, as the index lingered in the red following a weak jobs report.

Shares of the company were dropping 7.1% to $13.91.

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On Friday, the government reported that May job growth was weaker than expected, declining to 9.7%. The Labor department said that overall, nonfarm payroll employment grew by 431,000 in May, most of it coming from the hiring temporary employees to work on Census 2010.

Ahead of the report, Monster Worldwide had maintained that things on the employment front has actually been quite encouraging. Company executives told

Reuters

about "sustained" expansion of job opportunities, "especially in large industries."

According to the report, the most robust increase in online job demand in May were in the healthcare and social assistance industries; but real estate, accommodation and food services fell.

Overall, Monster's employment index rose to 134 points in May from 133 points in April, according to

Reuters

.

Monster believes that this reflects stronger labor demand.

-- Reported by Andrea Tse in New York

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