This is a partial transcript from Your World with Neil Cavuto, August 17, 2001.
NEIL CAVUTO, HOST: So how bad exactly is all of this? Who better to judge than the guy who’s Website posts jobs? Those who want them and those who are offering them.
With us now, the head of HotJobs.com Dimitri Boylan. Dimitri, good to have you back.
DIMITRI BOYLAN, CEO, HOTJOBS.COM: Nice to be here.
CAVUTO: I just wondered, which helps you more? Bad economy or a good economy?
BOYLAN: You know, actually they both help us. We benefit from volatility. Lots of job seekers coming to us right now, and when the companies come back and need to hire more, they’ll be coming in to spend more money with us.
CAVUTO: But certainly volume from the job offerers must be down.
BOYLAN: Yes, absolutely.
CAVUTO: OK. So what kind of jobs are for the fetching right now?
BOYLAN: Well, right now, you know, we’ve seen a decrease in the number of tech jobs, and everybody knows what’s going on in tech sector. We see some sectors like health care holding up very, very well. And we also see some new business online from sectors like education that really weren’t using the Internet before.
CAVUTO: What about jobs for consultants? You always hear they’re always in demand because you don’t have to pay them benefits, you don’t have to really offer them 401(k)s, that kind of thing. So they’re more flexible than others.
BOYLAN: They’re more flexible, but they also get a trade-off. You know, they’re higher-paid, they’re more flexible, but they’re also more subject to the whims of the economy. So, you know, you see them, you know, having a little more difficulty right now, but they’ll also be the first ones brought back in when companies need to staff up.
CAVUTO: You know, we were chatting about this during the break a little bit, Dimitri, but how would you characterize right now what’s going on in the economy, the job market? I mean, I know it’s stating the obvious, but give me an update.
BOYLAN: Yeah, well, you know, I thought going into this year it was going to be a really tough year through most of the year, and you know, as I was saying, August was going to be a bad month. And there’s nothing surprising happening right now, I don’t think.
CAVUTO: But a lot of people are surprised that we’re not seeing light yet. They thought by this time at least there would be a signal out of some of the companies whose fortunes you kind of outlined in the beginning. We’d say, all right, the first quarter, we’d definitely see a turnaround, second quarter, it’s going to happen, December is going to be ho-ho. You know, nothing like that.
BOYLAN: I don’t know how a big economy turns around that fast.
BOYLAN: You know, we overestimated growth. You know, that growth is going to be there. The kind of growth we were estimating in the economy, I don’t think it’s going to be back next year either. I think it’s going to be a real slow uphill climb.
CAVUTO: So when you see consumer sentiment surveys that come out that show, you know, high readings at the University of Michigan, 95 or better. In other words, people still saying they’re upbeat, what do you think is fueling that?
BOYLAN: You know, consumers have done really well over the last eight years, and that’s eight years of feeling good. I think that their sentiment is going to decrease a little bit, you know, over the next six months. I think we should anticipate that as well. Doesn’t mean there aren’t going to be a lot of jobs out there. We’ve got a really big economy, a much bigger one than we had three, four years ago.
CAVUTO: Do you think there’s a merging of all you job sites in the next couple of months as a result of this down economy?
BOYLAN: No, not really. There’s actually quite a few little niche sites popping up, and so I think you’ll still see a fair bevy of job sites out there.
CAVUTO: All right, Dimitri, good seeing you again. Thank you very much.
BOYLAN: Thank you.
CAVUTO: Dimitri Boylan
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