In brief
Brazil created 165,800 formal jobs in August, according to CagedLabor marketMacroBrazil's employment indicators — Caged (formal payrolls, Labor Ministry), Pnad (IBGE) and earnings — gauging activity and household income.Open in the Market Map ↗.
13 million jobs.
What we know
04Verified fact · material
The New CagedLabor marketMacroBrazil's employment indicators — Caged (formal payrolls, Labor Ministry), Pnad (IBGE) and earnings — gauging activity and household income.Open in the Market Map ↗ recorded a balance of 165,827 formal jobs in August.
Measures the formal labor marketLabor marketMacroBrazil's employment indicators — Caged (formal payrolls, Labor Ministry), Pnad (IBGE) and earnings — gauging activity and household income.Open in the Market Map ↗.
Verified fact
According to Valor, it is the weakest August since 2020.
Indicates a slowdown.
Sources[03]Verified fact
According to InfoMoney, the result beat the median market forecast.
Compares with expectations.
Sources[04]
Transmission to assets
Market read-through
Still-positive employment supports consumption, but the slower pace than in prior years is consistent with the slowdown expected by the central bank.
Portfolio impact
01Positive but slowing employment weighs little on rate decisions.
Data in line with expectations.
What would change the view: Further slowdown in September.
Direction is an explanatory hypothesis, not a forecast or recommendation.
Next signals
What to watch
- September CagedLabor marketMacroBrazil's employment indicators — Caged (formal payrolls, Labor Ministry), Pnad (IBGE) and earnings — gauging activity and household income.Open in the Market Map ↗
- Real income
- Copom communication on activity
Limits of the reporting
What remains uncertain
- The comparison with previous years was reported by a single source read.