Brazil Stock

BRASILIA (Reuters) – Brazil’s economy added just under 121,000 formal jobs in April, official figures showed on Wednesday, lifting the total new positions created in the first four months of the year to almost 1 million.

Net job growth in April was 120,935, lower than the 172,500 forecast in a Reuters poll of economists but the second highest figure for that month in the past eight years, Economy Ministry figures showed.

Some 1.38 million positions were created in the month and 1.26 million were cut. This means Brazil created a net 957,889 new formal jobs in the first four months of the year, the most for any Jan-April period in at least a decade.

Economy Minister Paulo Guedes had said on Tuesday that job creation will be one of the main engines of growth for the economy, adding that the mark of 2 million new posts should be reached pretty quickly.

These figures do not include the near-40 million undocumented workers in Brazil who do not have formal employment registration.

The figures for April were led by the services sector, which created a net 57,610 new positions, around half of the total. Construction accounted for 22,224 net new positions and industry 19,884, the ministry said.

The total number of formally registered workers in Brazil rose to 40.3 million in April, the highest April reading since 2015, according ministry figures.

Earnings rose too, with the average monthly salary of new jobs created up 2.5% in real terms from the prior month to an unadjusted 1,855.52 reais ($350).

($1 = 5.30 reais)

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