In February 2024, Brazil set a significant milestone by creating 306,100 formal jobs, a 21.2% increase from the previous year, making it the third-highest February on record for job creation.
Only 2021 and 2022 saw higher numbers, with 397,700 and 353,800 jobs added.
The Ministry of Labor and Employment released this data on March 27, 2024, highlighting the success of the Job Registry’s (CAGED) initiative.
By early 2024, Brazil had already added 474,600 jobs, exceeding market expectations by 69.7%.
The nation now boasts 45.99 million formally employed individuals, up 3.6% from the previous February.
Despite a slight dip from the prior month, the average starting salary grew annually to R$2,082.79 in February.
The service sector, with 268,900 new positions, was the primary growth driver.
The industry, construction, and agriculture also saw notable increases, adding 120,000, 81,774, and 25,751 jobs, respectively. However, commerce faced a downturn, losing 21,824 jobs.
Most of Brazil’s federal units experienced job creation, with São Paulo leading by adding 101,200 positions. Only Maranhão, Alagoas, and Paraíba did not share the employment gains.
This surge in employment is crucial for Brazil’s economic resilience. It showcases the effectiveness of public and private sector collaboration and the country’s capacity for sustained growth.
Background
In 2023, Brazil achieved a net gain of 1.484 million jobs. However, December saw a substantial decline, with 430,159 jobs lost due to seasonal layoffs.
This loss exceeded economist forecasts from a Reuters survey, which predicted a smaller decrease of 372,341 jobs.
The year’s job creation fell short of both the 2022 figure of 2.013 million jobs and the Labor Ministry’s expectation of 2 million jobs for President Luiz Inacio Lula da Silva’s administration.
By year-end, formal employment in Brazil stood at 43.928 million, a 3.5% increase from 2022, not including the near 40 million informal workers, highlighting ongoing challenges in Brazil’s job market.