The number of jobs created in Brazil slowed sharply in October, with more weakness expected toward the end of the year, the latest sign that Europe's debt crisis is taking a toll on Latin America's biggest economy. Brazil's economy added a net 126,143 payroll jobs in October, the Labour Ministry said on Friday, down from 209,078 added in September.
And job creation could keep slowing to year-end, with the ministry expecting only 70,000 more formal jobs for November and a drop in December, as typically happens as employers slim down holiday-fattened payrolls. Those forecasts will keep the country short of its goal to add a net 2.7 million payroll jobs this year, which Labor Minister Carlos Lupi attributed to the euro zone debt crisis.
"At first I revised (the goal) to 2.7 million. I think the way things are going that number won't be met," Lupi said. "I've revised to 2.4 million, but it could wind up below that number." Brazil added a net 2,241,574 payroll jobs in the first 10 months of this year. After a muscular 7.5 percent expansion in 2010, Brazil's economy has slowed sharply this year as the debt crisis in Europe rattles global markets.
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