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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

November 15, 2023

What Factors Are Driving the Growth of Jobs in Brazil?

Brazil’s economy, Latin America’s largest, surpassed expectations for job growth in September. A worker at a soap factory in the municipality of Sorocaba is pictured. // File Photo: City of Sorocaba.

Q

  • Brazil’s economy created nearly 212,000 formal jobs in September, exceeding economists’ expectations, according to data that the country’s Labor Ministry released Oct. 30. What is driving job growth in Brazil? Which sectors of the economy are doing the best, and which are lagging behind? How are the government’s policies affecting the country’s job growth?

A

Paulo Vieira da Cunha, principal partner at Verbank Consulting: “Growth surpassed expectations in the first half of the year, spurred by a remarkable increase in agricultural production, commodity exports and the ongoing post-Covid recovery, particularly in the services sector. Fiscal policy is expansionary, with an extension of Covid income support measures and other income transfers. This momentum sustains the labor market. In September, the unemployment rate dropped to 7.6 percent, down from 8.5 percent in September of last year. (There was, however, a fall in the participation rate and, concerningly, a drop in the employment-to-population ratio, which at 56.7 percent is low by international standards.) Total real labor income increased by 6.2 percent year-over-year, and 9.2 percent on average over the previous 12 months. The gain in income boosted consumption and employment and explains the growth in demand. The issue is…”

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