Brazil’s formal labor market cooled in July, with net job creation of 58,568 positions, the slowest gain recorded for any month this year and the weakest July performance since the government’s historical series began in 2020.
Total job openings reached 2.26 million in July, while closures totaled 2.20 million, resulting in the net gain that fell short of the 112,000 increase forecasted by economists in a Reuters poll. The miss marks a notable deceleration after stronger hiring trends earlier in the year.
Cumulative data for January through July showed 972,203 net formal jobs created, a 21% decline compared with the same period in 2023. The softening trend underscores broader challenges in Brazil’s labor market, despite ongoing economic activity and policy support.
