Brazilian industrial activity shows continued growth

Xinhua News,BRASILIA
2020-10-07 05:17

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BRASILIA, Oct. 6 (Xinhua) -- Brazilian industrial activity showed continued growth in August, though figures are still shy of pre-pandemic levels, according to a report released on Tuesday by the National Confederation of Industry (CNI).

According to the report, revenue increased 2.3 percent compared to July and 37.8 percent compared to April, when the sector experienced its biggest setback due to the novel coronavirus (COVID-19) pandemic.

Employment in the industrial sector grew 1.9 percent in August, the first month of growth in 2020, bringing the employment rate in the sector close to pre-crisis levels. Additionally, although total hours worked grew 2.9 percent between July and August, and 25.1 percent compared to April, this area has yet to return to pre-pandemic levels.

In the report, the head of Economic Analysis at the CNI, Marcelo Azevedo, said that these figures reinforce the perception of a V-shaped recovery in industrial activity in recent months.

"It is important that the increase in activity was accompanied by a growth in employment, which suggests greater confidence on the part of the employer," he said.

Wages increased by 4.5 percent in August compared to July, but this figure is still far from pre-pandemic levels, with some companies continuing to adopt the suspension of contracts or the reduction of working hours alongside reduction of salary due to pandemic restrictions.

Average revenue has also been affected by reduced hours or contract suspension and is still far from pre-pandemic levels, showing a decrease of 2.2 percent compared to August 2019.
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