Brazil Economy Minister: Past Months’ Positive Employent Trend Will Repeat
RIO DE JANEIRO, BRAZIL – Brazil´s Minister of Economy Paulo Guedes said on Wednesday, November 25th, that the October CAGED (General Registry of Employed and Unemployed) result should again be positive. The Ministry will disclose the data on Thursday, 26th.
“We have had a positive CAGED in recent months and tomorrow there is more. It is possible that we will close the year losing 200,000 or 300,000 jobs. This is a quarter of what was lost in the 2015 and 2016 recession,” he said alongside President Jair Bolsonaro in a meeting with investors promoted by the Voting Group.
The formal labor market should see the fourth consecutive month of net job openings in October, according to estimates from 22 financial institutions consulted by Broadcast Projections. The projections, all of which are positive, range from the opening of 150,000 to 340,000 jobs for the month.
The average of the survey, 213,329 jobs, represents a deceleration compared to 313,564 in September. A result in line with the intermediate value would take the cumulative 2020 balance of 558,597 jobs closed in September to 345,268 jobs closed in October.
Guedes again said that the Brazilian government was the biggest spender during the pandemic and reiterated that this led the Brazilian economy to bounce back faster than other countries, including China. “We dropped three months and in the following three months we were already rebounding,” he added.
The Minister again complained of criticism regarding the government’s inaction – and that of the economic team – in view of the challenges ahead for emerging from the pandemic. “The CAGED result is a testament to the government’s work. Now the narratives are different, that the government has done nothing, does nothing, has no direction. Even amid chaos, tragedy and disease, we were able to politically negotiate that money for health would not become an increase in jobs,” he repeated.
Source: InfoMoney
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