Brazil’s Labour Ministry said on Monday that Brazil’s economy had added more payroll jobs in May than expected and a record number of payroll jobs were expected to be added in June.
In total the number of payroll jobs added in May come to 298,041, which is the fifth straight month of increases and is a record for May. Also a record for the year is the total net payroll positions added so far this year at 1.26 million. This underscores the strength of the labour market in an economy that many analysts fear is overheating.
The results were also above Carlos Lupi the Labour Minister’s own forecast for the month. According to him Lupi said that approximately 240,000 to 280,000 jobs would be created in May.
The fears that Brazil could be overheating were fuelled by the Brazilian economy growing by 9% year on year in the first quarter of 2010. The fear is that the lack of infrastructure and qualified labour force could be unsustainable and inflationary amidst such rapid growth.
The majority of Brazil’s work force belongs to the huge informal economy, which the government is trying to change. The government of President Luiz Inacio Lula da Silva is looking to increase the number registered with the labour ministry and the number of payroll jobs in the country.
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June 29th, 2010 at 10:12 PM
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