Brazil Up News: Record High Job Creation and Exchange Balance Back to Surplus

Brazil's Labor Minister Carlos Lupi In November, the Brazilian Labor minister, Carlos Lupi, announced, Brazil created 246,695 formal job positions, a record-high figure for the month. In the year to date, 1,410,302 jobs were created. In November, 1,413,043 workers were hired and 1,166,348 were dismissed.

Trade (1.61%), services (0.66%) and the processing industry (0.53%), civil construction industry (0.83%) and mineral extraction industry (0.35%) were the sectors that generated the most jobs during the period.

Agriculture was the only sector in which the employment rate decreased during the period, as a consequence of the off season. In all, 16,628 workers were dismissed, a figure equivalent to 0.99% of the total labor force employed.

The data were culled from the General Records Office for Employment and Unemployment.

Meanwhile, the sum of dollar inflow and outflow in Brazil, i.e. foreign exchange balance, shifted back to a surplus this month. The result was positive by US$ 884 million, in December, up until the 11th, with nine business days, as informed by the Central Bank.

Last week, up until the 4th, data showed that the result was negative by US$ 925 million. In the same period of December 2008, after nine business days, the flow of exchange was negative by US$ 2.54 billion.

The positive result this month was driven by the flow of finance (investment in bonds, stock exchanges, remittances of profits and dividends to foreign countries and foreign direct investment, among other operations), which remained positive by US$ 1.176 billion. The sum of export and import contracts was negative by US$ 292 million.

From January to December 11th, dollar inflow exceeded the outflow by US$ 27.630 billion, with positive results for the financial balance (US$ 16.863 billion) and export/import contracts (US$ 10.767 billion). In the same period of 2008, the foreign exchange balance recorded a surplus of US$ 2.851 billion.

The Central Bank also informed that on demand purchases of dollars on the market, up until the 11th, increased foreign exchange reserves by US$ 1.942 billion.

ABr

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