The Monster Worldwide Inc. (NASD: MNST) employment index rose five points in February to a reading of 165 from a January reading of 160. But it's still down from the year-ago reading of 177.

"While the Monster employment index's five-point rise in February is relatively modest compared to prior years, it's an encouraging sign of stabilization after three consecutive months of decline," said Jesse Harriott, VP of research at Monster. "Nevertheless, the index remains a full 7% below its year-ago level, indicating further deceleration in online recruitment activity due to the U.S. economic slowdown."

The index is based on a review of online job ads.