Brazil Economy Adds Less Jobs than Expected

2024-11-28 13:22 By Felipe Alarcon 1 min. read

The Brazilian economy added 132.71 thousand formal jobs in October of 2024, missing market expectations of 200 thousand to mark the tenth consecutive period of net job creation, albeit at the lowest rate in the series.

This figure represents a considerable decrease from the 190.36 thousand growth in the corresponding period of the previous year.

The services sector led October's growth with 71,217 jobs, followed by commerce (+44,297) and industry (+23,729), while civil construction (-767) and agriculture (-5,757) posted declines.

São Paulo contributed the most, adding 47,255 jobs, with services accounting for the bulk.

The average real salary for new hires was R$2,153.18, a 0.87% drop from September but a 1.15% year-on-year increase.

Over the past 12 months, Brazil generated 1,787,839 jobs, up 22.7% from the previous period.



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