Economy

Brazil: Formal job creation reaches 132.7 thousand in October

Despite a monthly decline, over 2M jobs were created this year

Wellton Máximo

Published on 28/11/2024 - 09:48

Agência Brasil - Brasília

Rio de Janeiro (RJ), 01/05/2023 – População tem acesso a serviços como balcão de empregos e cursos durante o evento Festival do Trabalhador, no Parque Madureira. Foto: Tomaz Silva/Agência Brasil — © Tomaz Silva/Agência Brasil

Formal job creation fell in October. According to data released by the Ministry of Labor and Employment's General Register of Employed and Unemployed (Caged), 132,714 formal jobs were created last month. The indicator measures the difference between hiring and firing.

Job creation fell by 30.3 percent compared to the same month last year. In October 2023, 190,366 jobs were created, according to adjusted data that includes late employer declarations.

In the first ten months of the year, 2,117,473 jobs were created, an 18.6 percent increase compared to the same period last year.

The accumulated result is the highest since 2022, when 2,341,665 jobs were created between January and October.

High interest rates

At a press conference, the Minister of Labor and Employment, Luiz Marinho, stated that high interest rates have contributed to the slowdown in job creation.

“I hope that the transition at the Central Bank will help address this in time. I believe the Central Bank has not been collaborative during this period, failing to fully analyze macroeconomic indicators and assist in decision-making to sustain growth. This resulted in a slowdown [in job creation],” said the minister.