Formal job creation rises in February (but remains underwhelming)

The Brazilian labor market added 328,507 net formal jobs in February, according to data from the Labor Ministry. The result was above market expectations and represents the best monthly result since August 2021. Still, job creation figures were 17.3 percent below February 2021 levels. 

Brazil created 478,900 new jobs in the first two months of this year, considerably fewer than in the same period last year (651,800). 

Data from Caged, the government’s database that tabulates net jobs added in Brazil, have been mixed at best. In November and December, the Labor Ministry revised employment data for 2020. The original figures showed a net increase of 143,000 jobs —but after two revisions became a loss of 191,500 jobs.

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