Brazil adds 252,067 payroll jobs in May

BRASILIA: Brazil posted a smaller increase in payroll jobs in May amid signs that economic growth is slowing gradually in Latin America's largest economy.

Brazil added a net 252,067 payroll jobs in May, the Labor Ministry said on Monday.

That is down from the same month a year ago and from the 272,225 payroll jobs added in April, according to previously released data.

The figures dashed government expectations of a continued acceleration in job growth and could mirror slower than expected economic growth.

"Some sectors haven't yet produced the results they should have," Labor Minister Carlos Lupi told a news conference on Monday, in reference to the weaker May performance.

Brazil's economic growth is expected to slow to around 4 percent this year from more than 7 percent last year. To help cool growth that has pushed inflation beyond a government ceiling, the central bank has raised interest rates four times so far this year to 12.25 percent from an original 10.75 percent.

The government still aims to add 3 million net payroll jobs this year. Its flagship public works project, preparations for the 2014 World Cup and the 2016 Olympics in Rio de Janeiro should help fuel job creation, Lupi said.

In the first five months of the year, total net payroll additions reached 1.2 million jobs.

Copyright Reuters, 2011