Job market is sluggish states the report by Naukri
There is some bad news for job seekers as per the report of Naukri.com- a leading job portal. Recruitment trends remained sluggish across industries in May compared to April with the exception of IT and ITeS sectors which logged double-digit growth in hiring.
However, on year-on-year basis the hiring activity in May rose 14 % compared to the same month last year. the Naukri Job Speak Index stood at 1,600 for May 2014. The report also mentioned that Industry-wise the hiring trend was showing a downward curve and it was muted across all the major sectors except ITeS and IT sector which saw 15 % and 10 % growth respectively in hiring last month over April.
According to the report, the insurance sector has witnessed the maximum decline with the index moving down by 30 % in May against April. This is caused because most of the investments are closed by the working professionals by April by the end of the financial year and the sector sees a huge activity during the last quarter of any financial year. However since the investments lower down in the first quarter in May, the requirement for investment professionals and sales workforce also reduces.
It was followed by pharmaceutical and telecom sector which saw a downward spiral with the index moving down by 8 % each for the period under review. Other sectors like BFSI (Banking, Financial and Insurance) have seen a decline of 5 % while construction and engineering and auto has seen a reduction of 3 % in the same period.
Amongst cities, Chennai and Hyderabad saw the highest and second highest growth in the Naukri Job Speak Index in May against April.
Source- The Hindu Business Line
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