Brazil's formal job market displays resilience last months
Date
11/28/2024 3:29:48 AM
(MENAFN) Brazil's formal job market exhibited resilience in October 2024, despite facing ongoing economic challenges. The country saw the creation of 132,714 new jobs, according to data from the General Register of Employed and Unemployed (Caged). While this figure represents a decline of 30.3 percent compared to October 2023, it still underscores the economy's capacity to generate employment opportunities despite the complex economic environment.
The slowdown in job creation can be attributed to several factors, with high interest rates being a significant contributor. The central bank's monetary policy, aimed at controlling inflation, has had a dampening effect on the labor market. The delicate balance between curbing inflation and stimulating economic growth continues to shape the job creation landscape in Brazil.
However, despite the slower pace of growth in October, the cumulative job creation for the first ten months of 2024 stands at a robust 2,117,473 positions. This marks an 18.6 percent increase over the same period in 2023, suggesting that Brazil's labor market has shown an overall positive trend for the year. The cumulative growth highlights the underlying strength of the formal employment sector, even amidst economic headwinds.
The services sector led the charge in October, adding 71,217 new jobs, followed by commerce with 44,297 positions, and the industrial sector with 23,729 new roles. These numbers reflect ongoing shifts in the Brazilian economy, where the services sector remains a key driver of employment growth, offering a glimpse into the labor market’s evolving structure as the country navigates through its economic challenges.
MENAFN28112024000045015839ID1108935189
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.