Weekly Report - 26 February 2009 (ISSN 1741-7422)

BRAZIL | Job losses continue. The government announced that 101,748 formally registered jobs were lost in January, the first time in seven years that positions were lost in the month of January. The January figure is well down on 'Black December', when the economy shed an alarming 655,000 posts. The labour minister, Carlos Lupi, said he expects job losses to bottom out in February, with a rebound in job creation as early as March. The private sector, however, is not so sure, with confidence still very low and companies laying off staff on a daily basis. Indeed, Brazil's flagship aerospace manufacturer, Embraer, in which the government is a stakeholder, announced a 20% cut in its workforce, the equivalent of 4,200 posts, amid falling demand.

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