Brazil Non Farm Payrolls

The Brazilian economy added 137.30 thousand formal jobs in January of 2025, way above market expectations of 48 thousand, rebounding from December’s sharp drop of 536 thousand. The services sector led January's growth with 45,165 jobs, followed by commerce (-52,417) and industry (+70,428), while civil construction (+38,373) and agriculture (+35,754) posted gains. São Paulo contributed the most, adding 36,125 jobs, with services accounting for the bulk. The average real salary for new hires was R$2,251.33, an increase of R$89.01 (+4.12%) from December but a 1.84% year-on-year increase. Over the past 12 months, Brazil generated 1,690,000 jobs, up 16.5% from the previous period.