Economics
Brazil Recovery Gains Steam With Surprising Jobs, Budget Data
- Number of formal jobs created in October is highest ever
- Fiscal gap lower than forecast; recovery boosts tax collection
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Brazil surprised analysts with stronger-than-expected employment and budget numbers for October, a sign that the economic recovery seen in the past few months is gaining speed in the beginning of the fourth quarter.
The country created a record 394,989 formal job positions last month, nearly twice as much as expected by economists in a Bloomberg survey. Economy Minister Paulo Guedes celebrated the result, saying the country could finish 2020 with no job losses despite the coronavirus pandemic.