247 – Brazil continues to show robust signs of economic recovery, with the creation of almost 2.2 million formal jobs since January 2023, when President Lula took office, until March 2024, according to the latest data released by the Ministry of Labor and Job. In March of this year alone, 244,315 new jobs were added, representing the second best result for the month since 2002, behind only March 2010, when 266,000 jobs were created.
Luiz Marinho, Minister of Labor and Employment, highlighted the importance of these numbers for the country: “We are happy with this panorama we are presenting, collected in these three months of 2024, in the 15 months of government and in the future scenario. We have a window of opportunity in the country’s reindustrialization process, with record investment announcements as a result of policy measures, whether economic, fiscal, tax, or international relations, to open new markets to the country.”
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The accumulated result for the first three months of 2024 records an increase of 34% compared to the same period in 2023, totaling 719,033 new formal jobs. This growth is a reflection not only of economic policy, but also of the appreciation of the minimum wage and the Income Tax exemption for earnings of up to two minimum wages.
The services sector was the biggest generator of jobs in the period, with 148,722 new vacancies in March alone, followed by commerce, industry, and construction, while agriculture showed a slight drop. Geographically, the Southeast region led in job creation, with São Paulo alone adding 76,941 new vacancies in the month.
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The data also reveal that job creation was positive for both men and women, and showed racial inclusion, with a positive balance for brown, white and black people, although it was negative for yellow and indigenous people.
In total, Brazil reached a historic milestone with a formal work population of 46.23 million people, the highest number recorded since this data began to be collected.
