Brazilian president upbeat about job creation, economy

13:16, April 20, 2010      

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Brazilian President Luiz Inacio Lula da Silva said on Monday that he was satisfied with the job market growth in the country and expected that a lot more jobs would be created later this year.

The country generated over 657,200 new formal jobs during the first quarter of 2010, up from 57,700 jobs in the same period last year. New job figures for all three months of the quarter reached the highest level since 1992, according to a report from the National Registry of Employed and Unemployed (Caged) last week.

In his weekly radio show Monday, Lula attributed the good figures to the strength of the Brazilian economy, which managed to emerge from the international financial crisis earlier than other nations.

He also said that the higher job generation boost the consumption and the industrial production, which in turn prompted companies to hire more.

"This is what I want for Brazil," he said.

Labor Minister Carlos Lupi predicted last week that there would be a creation of 340,000 to 360,000 jobs in April, also a record high.

Meanwhile, Brazil's financial market on Monday upgraded its expectation of growth for gross domestic product (GDP) in 2010 from 5.6 percent to 5.81 percent. The projection for 2011 remained at 4.5 percent of growth.

Trade surplus this year was expected to stand at 10,000 million dollars, while for next year the figure was upgraded from 3,500 million to 3,900 million dollars, according to Focus survey by the Central Bank and other major financial institutions released Monday.

The survey also increased its forecast of foreign direct investment inflows to 39,000 million dollars in 2010 and 40,000 million dollars in 2011.

Financial market analysts also raised inflation expectations for this year for the 13th consecutive time, from 5.29 percent to 5.32 percent, still within the official inflation target of 4.5 percent.



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