Although the Monster Worldwide Inc. (NASD: MNST) employment index edged up two points to a reading of 167 in March from February's 165, it remained down 18 points year-over-year.

"The Monster employment index's slight increase in March was below historical levels for this time of year, and reflects a continued slowdown in overall employer recruitment activity," said Jesse Harriott, VP of research at Monster Worldwide. "This month's results also underscore the adverse effect the sub-prime mortgage industry fallout has had on hiring efforts in the financial services sector, particularly in the Northeast region of the country."

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