According to the Silicon Alley Insider, "Monster's employment index fell 4.8% year-over-year in January -- meaning companies were looking to fill fewer positions online this month than they were a year ago."
Although networking has always been the #1 way to find a new job (some estimates as high as 80% for the best job search method), while online job search has accounted for 5-15% of successful new jobs, networking is definitely now more important than ever if you want to find your right position.
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