The administration of Dilma Rousseff has recently taken steps to boost industry and curb the rise of the real, including currency controls and lower interest rates. Brazil’s latest employment report shows that these steps may be having their intended effect.
From 2009 to 2011, post-recession job gains had been concentrated in business services and finance: in the last quarter of 2011, the sector accounted for nearly 90 percent of all new jobs. But today’s employment report shows a rapid reversal of this trend.
During the first quarter of 2012 industry and utilities have nearly eliminated their gap behind the overall labor market, while business services, real estate, and finance eliminated most of the jobs they gained in the last quarter of 2011.
For more, check out the latest Latin America Data Byte.