Brazil to create fewer jobs than predicted

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BRASÍLIA (BDCi) – Though analysts had originally forecast a higher number of jobs to be created this year, the number is actually down for the fourth straight month.

It had been predicted that Brazil would create between 1.4 and 1.5 million new jobs in 2014, but that has dropped to just 1 million jobs due to a slowing of job creation in the second half of the year.

Some analysts believe the recent World Cup reduced the number of shopping days in Brazil and that declines in retail and manufacturing led to an offset of the gains in agriculture and in the service industries.

Brazil’s central bank announced last month that it had cut its economic growth estimate from 2 percent to 1.6 percent.

A little over 25,000 new formal jobs were registered in June, but that is less than half of the total posts created in May.

 

By: Diego Díaz
Source: Bloomberg News
Photo: Google
18 July 2014
10:00 a.m. P.D.T.

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