SAO PAULO: Job growth in Brazil slowed surprisingly in August, government data showed on Thursday, contrasting with an earlier report that revealed the lowest unemployment rate for the month on record.
Brazil's economy added a net 100,938 payroll jobs in August, the labor ministry said on Thursday, below the median of analysts' forecasts for the creation of 195,000 jobs.
This was the slowest pace of job creation this year. In July, the largest economy in Latin America added 142,496 payroll jobs.
Earlier on Thursday, Brazil's statistics agency IBGE said the unemployment rate in six major urban areas dropped to 5.3 percent in August, its lowest level for the month since the beginning of the data series in 2002.
Brazil's robust job market has prevented the economy from falling into recession as a weakening industrial sector drags on growth. A buoyant services sector has been the main generator of new jobs so far this year.
Manufacturing added 16,438 jobs to the economy in August, while the services sector created a net 54,323 jobs, the ministry said. The commerce sector, including retailers and wholesalers, generated a net 31,347 jobs last month.
Comments
Comments are closed.