Brazil's formal job creation falls short of expectations in November
Reuters
Published Dec 28, 2023 01:39PM ET
Updated Dec 28, 2023 03:21PM ET
BRASILIA (Reuters) - Brazil created a net 130,097 formal jobs in November, fewer than expected, labor ministry figures showed on Thursday.
Economists polled by Reuters projected 142,841 jobs to be created in the month.
Year-to-date, job creation totaled 1.9 million net positions, according to the labor ministry, which had previously anticipated a potential increase to 2 million by the end of 2023.
In a press conference, the acting labor minister, Francisco Macena, acknowledged that December is typically marked by a net decline in jobs due to the termination of temporary workers hired for the holiday season.
He said the ministry would continue monitoring the final data balance for the year.
In November, only two out of the five activity groups surveyed by the government reported net gains. Those two were services and retail. There were declines in industry, construction and farming.
The average monthly salary for newly established positions decreased from 2,031 reais in October to 2,022 reais ($416.14).
Meanwhile, the overall count of formally registered workers in Brazil has now climbed to 44.4 million. This figure excludes around 40 million undocumented workers who are not engaged in formal employment contracts.
($1 = 4.8590 reais)
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Written By: Reuters
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