Online recruitment activities in August registered 14 per cent year-on-year growth, according to the Monster Employment Index, with the home appliances sector leading the growth (up 54 per cent) ahead of the festival season.

Online hiring in banking and financial services, insurance also eased month-on-month, from 43 per cent in July to 35 per cent in August.

However, the annual growth rate in BPO/ITES (down 20 per cent) eased further from -14 per cent in July 2017. “This is the steepest decline monitored among industry sectors,” said Monster in a release.

Production and manufacturing, too, was down 7 per cent, with the rate of decline easing to a single digit fall for the first time since December 2016.

City-wise, Kolkata led in online hiring, up 46 per cent, year-on year, Mumbai (up 11 per cent), followed by Hyderabad (up 8 per cent) and Bengaluru (up 4 per cent).

“The new goods and services tax regime is expected to have a positive impact on ease of doing business, thereby making it conducive for foreign investors and companies. The job market also is looking forward to a boost, However, its impact for reasonable job growth is going to take some time,” said Sanjay Modi, Managing Director, Monster.com, APAC & Middle-East, said in a release.