Brazil records 155 thousand new formal jobs in May

In May, Brazil saw a positive balance of 155,270 formally registered jobs—the difference between 2,000,202 admissions and 1,844,932 terminations.

The figures can be found in the general registry of employment of the Ministry of Labor and Employment, released Thursday (Jun. 29).

In the first five months of the year, 865 thousand jobs were created, bringing the total of formal jobs to over 43 million countrywide.

Despite the positive numbers, Minister of Labor and Employment Luiz Marinho noted that the result fell short of the expected 180 thousand, due to the high interest rate policy implemented by the Central Bank.

“What hindered an even better number—the number is positive, we must keep that in mind, 155 thousand is not an insignificant positive balance for May—is the fact that our projections were even higher. We were working with a minimum forecast of some 180 thousand jobs. What brings us to this is clear enough: the lack of credit, which is directly linked to the interest rates currently in place.”