World Business: Brazil Creates Over 4 lakh Formal Jobs In February!
Brazil creates 4 lakh new formal jobs in February 2021, however, the second wave of the COVID-19 pandemic hits the country, making it tough for its economy once again.
As per reports, Brazil has created over 4 lakh new formal jobs in the country, in the month of February, after the economy began to recover after the pandemic. The Economy Ministry of the country has confirmed that this is the highest number of jobs being created in a month since the data series began in 1992. Read on to know more about it.
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Brazil was one of the worst-hit countries by the coronavirus pandemic, in 2020. The country has suffered a lot in terms of health and economy. In February 2021, the Economy Ministry of the country did report creating over 400,000 formal jobs, however, the second wave of COVD-19 pandemic has also begun affecting the country since then.
As a result, the country has decided that an extra $1 billion will be spent to fight the pandemic. Lockdown measures have been reinstated across large parts of the country. Reportedly, among the 4 lakh jobs that were created in February, about 173,547 were new service jobs, 90,000 jobs were created by industry, and about 70,000 jobs were created by retail.
With these high numbers, the Economy Ministry of Brazil has also shared that the total number of formally registered workers in Brazil has risen above the count of 40 million. The country’s central bank’s website showed that the last time the numbers were this high in this sector, was in August 2015. However, due to the economy still suffering because of the pandemic, the average monthly salary of the jobs created in February 2021, has fallen to about 1,727 Raeis, which amounts to about $298. This amount was reported to be the lowest in about a year.
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