Brazil Non Farm Payrolls

The Brazilian economy added 71,576 formal jobs in March of 2025, well below market expectations of 200,000. It was the lowest reading for March since 2020, and for any month since last December. Before the data was published, Brazil's Labor Minister Luiz Marinho had pointed out that job creation in March was weaker than in previous years, attributing the decline to fewer business days. He noted that this year’s Carnival holiday occurred in March, whereas it fell in February last year, which impacted hiring.