The job market has been manifesting signs of a slump engulfing sectors such as automotive, agro-based industries, consumer goods and fastmoving consumer goods, according to the latest half-yearly analysis of Monster Employment Index. A 5% decline in online hiring has been reported in this Index, suffered by 27 sectors across India in the first half of 2019, compared to that in the previous six months.
As per the report, the metros performed worse than tier 2 cities in hiring during the January-June period.
The automobile sector experienced a 13% year-on-year fall in online hiring demand with respect to a slump in sales.
The automobile sector experienced a 13% year-on-year fall in online hiring demand with respect to a slump in sales. According to industry evaluations, the sector observed a loss of 350,000 jobs over the past four months. According to the report, the automobile and ancillaries industry, both saw a 7% decline in the first half of the year compared to that in the preceding six months,
"Within automotive industry, there have been certain developments like RBI repo rate cut, which should revive the appetite for car loans and hence the demand. The government is also focusing on electric vehicles, which should help the sector in the long-term," expressed Krish Seshadri, CEO, APAC & Gulf, Monster.com.
The telecom sector, however, indicated a 9% increase in online hiring demand during the period compared to that in the previous six months. With the upcoming 5G technology, telecommunication sectors are claiming to hire telecom operators, based on their demand for talent, said the report.
As a result, the metros saw a dropping hiring demand than tier 2 cities during the first half of 2019. For instance, Baroda witnessed an 11% increase in demand in the first half of 2019, healing from a 19% fall a year ago. Whereas Ahmedabad registered 5% growth after a 16% fall in demand in the first half of 2018.
The agro-based industry witnessed a 74% fall in the first half, even after seeing a consistent decline in demand for online hiring.
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