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Brazil gained 28,900 new jobs in January, mainly in the industrial sector, according to figures released by the country’s Labour Ministry. Economists had forecast the country would create around 50,000 jobs in the month.
The number of jobs generated in January signalled a -76% drop from the same time last year. Services added a net 14,746 jobs in January compared to 61,463 jobs created a year ago. The ministry projects Brazil to create 1.7 million jobs this year, up from 1.3 million in 2012.
“Companies are reducing new hirings due to their frustration about the level of economic activity. There is a trend showing a fall in formal job creation,” said Carlos Kawall, chief economist at Banco J. Safra SA.
The pace of job creation has slowed in Brazil, but unemployment remains at all-time lows with businesses expecting an economic recovery.