Loading ...News - Brazil Creates Jobs for First Time in Four Months
March 18 (Bloomberg) - Brazil’s economy created jobs in February for the first time in four months as schools hired teachers ahead of the new academic year, and restaurants and hotels added staff for the carnival national holidays.
The economy generated 9,179 government-registered jobs in February, after losses of 101,748 positions in January and a record 654,946 in December, the ministry said in a statement distributed today in Brasilia.
The increase in employment last month, partly fueled by seasonal factors, still represents less than a tenth of the average gain for the same month since 2000, Guilherme da Nobrega, chief economist at Sao Paulo-based Itau Securities, wrote in an e-mail to clients.
“The labor market continues to deteriorate at a fast pace,” Nobrega wrote.
On the month, education accounted for 35,389 new hires, while restaurants and hotels contributed 13,355 posts, the Trade Ministry said. Losses were concentrated in heavy industry, as factories eliminated 56,456 jobs.
The government-registered job creation number is a balance of posts created minus job eliminated. Registered jobs, so- called formal work, assure employees a range of benefits such as unemployment insurance, bonuses and retirement payments by the government.
Labor Minister Carlos Lupi said the February job creation report is the first sign that Latin America’s biggest economy is rebounding, and forecast that more than 100,000 jobs will be created this month.
“Dare I say it’s the beginning of Brazil’s recovery,” Lupi said in Brasilia.
The real weakened 0.9 percent to 2.3031 per dollar at 1:02 p.m. New York time from 2.2825 yesterday.
Source: Bloomberg.
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