ONLINE recruitment firm Monster Worldwide yesterday forecast a weak start to the year and said it will cut jobs since it does not expect the global job market to improve drastically in the near term.
Shares in the company, which will reduce its global workforce by about seven per cent or 400 jobs, tumbled 15 per cent yesterday on the New York Stock Exchange.
The uncertainty in Europe and the US is making companies hold back and not commit as much as they normally would, he said.
The staffing sector – seen as a barometer of economic health – has been hit by a slowdown in Europe and an uncertain recovery across the pond.
Monster’s shares have lost a third of their value in the last 12 months.