The Monster Worldwide Inc. employment index fell three points in July from June to a reading of 114 amid the seasonal summer slowdown, Monster Worldwide Inc. reported. The index is down 43 points from a year ago.

"The decline in U.S. online recruitment activity at the beginning of the third quarter is likely due to a seasonal summer slowdown that is typical this time of year, with most industry and occupational categories experiencing reduced demand," said Jesse Harriott, senior VP and chief knowledge officer at Monster Worldwide. "Although the index is down 27% year-on-year, an encouraging take-away and potential sign of stability is the fact that the index is now showing its most moderate pace of annual contraction since February."

Monster's index is based on a review of online job ads taken from a selection of corporate career Web sites, including Monster.