The Monster Workforce Index measured 103.3 in August, little changed from July’s 103.1 and above its benchmark of 100.
The national reading keeps the U.S. labor market in the Stable range. Underneath that steady number, however, several industries saw more meaningful movement, with some gaining ground and others moving into lower ranges.
August at a Glance
- National Workforce Index: 103.3
- July Workforce Index: 103.1
- Monthly change: +0.2 points
- August status: Stable
- Benchmark: 100
Industry Conditions Remain Uneven
Of the 20 industries measured, one landed in the Strong range, four were Healthy, 13 were Stable and two were Cooling.
Holding Companies posted the highest reading at 112.1, the only industry in the Strong range. Construction (108.9), Wholesale (108.6), Oil, Gas and Mining (107.4) and Utilities (105.4) made up the Healthy range.
The largest gain came from Administrative and Support Services, which rose 6.1 points to 98.8, moving from Cooling to Stable. Financial Services gained 2.8 points to 100.7, while Wholesale rose 1.7 points to 108.6.
Two of the index’s strongest industries lost ground in August. Construction and Oil, Gas and Mining each fell about 2.9 points, moving from Strong to Healthy. Professional Services declined 2.4 points, while Utilities fell 2.3 points but remained Healthy.
At the other end of the index, Retail registered 87.3, the lowest reading of any industry and firmly in the Cooling range. Entertainment Providers (93.9) was the only other industry below 95.
What the August Results Mean for Hiring
The national index changed little in August, but industry-level results show that labor market conditions are not shifting uniformly. For hiring teams, that makes the industry view especially important. Tracking both an industry’s current level and its month-to-month movement can help identify where conditions are changing, even when the national picture appears steady.
About the Monster Workforce Index
The Monster Workforce Index (MWI) is a monthly measure of U.S. labor market conditions developed by the Monster Research Institute.
The index combines seven workforce indicators covering hiring activity, compensation, labor supply and broader labor market conditions. Indicators are seasonally adjusted or smoothed as appropriate. Each is standardized against its baseline and combined into a composite score centered at 100.
Monster classifies Workforce Index readings as:
- Cooling: Below 95
- Stable: 95 to 104
- Healthy: 105 to 110
- Strong: above 110
Source data are released on different schedules, so the index uses the most recently available data for each indicator at the time of calculation. Some indicators may therefore reflect the prior month.
The Monster Workforce Index is updated monthly as new labor market data become available. Learn more about the Monster Workforce Index here.