Brazil created 159.454 formal jobs in October, well below expectations, according to Caged data.
The reading was still the weakest for the month of October since 2019, when the country added 70.852 jobs, according to unadjusted data.
Reuters Brazil created 159.454 formal jobs in October, a result well below expectations, according to the General Register of Employed and Unemployed (Caged), released this Tuesday by the Ministry of Labor and Social Security.
Last month's result, stemming from 1,789 million new hires and 1,630 million layoffs, was the worst since March of this year, when the country created only 96.927 net jobs, according to adjusted data.
The reading was still the weakest for the month of October since 2019, when the country added 70.852 jobs, according to unadjusted data.
A Reuters poll had expected Brazil to register a net gain of 238 jobs in October.
According to economists, the slowdown in job creation in Brazil at the beginning of the third quarter reflected the lagged impact of the strong monetary tightening promoted by the Central Bank, which brought the Selic rate to its current level of 13,75%.
In the first ten months of the year, the balance of formal jobs in Brazil is positive by 2,320 million positions. In the same period of 2021, the surplus was 2,756 million jobs, according to the adjusted series.
There was a positive balance of job openings in four of the five major economic activity groups last month, with services standing out, opening 91.294 positions. There was the creation of 14.891 formal jobs in industry, 49.356 in commerce, and 5.348 in the construction sector.
In the agricultural sector, on the other hand, a net loss of 1.435 jobs occurred.
The data showed a surplus of jobs created in all five regions of the country. The Southeast opened the largest number of vacancies, with a figure of 80.740, followed by the Northeast (32.223), South (31.244), Midwest (8.409) and North (7.266).
Regarding the average real hiring salary, there was a decrease in October to 1.932,93 reais, from 1.940,21 in the previous month, according to the unadjusted series.
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