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BCB Focus Survey, March Labour Market Data Due

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  • Folha report that the government is still seeking to resolve a fiscal standoff with the Senate, after the latter filed an appeal on Friday against the suspension of the extension of payroll tax exemptions for municipalities. Some in the government propose a progression of municipalities social security contributions according to revenue, while the economic team defends a gradual end to the tax relief and, in return, is offering a renegotiation of city halls’ debts. The objective is to resolve the tax relief issue by May 20, according to the report.
  • On the data front today, the BCB will publish its weekly Focus survey at 1225BST(0725ET), with attention on the CPI, FX and SELIC rate forecasts, which were all increased last week. Meanwhile, the national unemployment rate is expected to rise to 8.1% in March, from 7.8% previously (1300BST). Formal job creation figures for March will also cross at 1330BST, followed by March federal debt data at 1830BST.
    • March National Unemployment Rate, est. 8.1%, prior 7.8%
    • March Formal Job Creation Total, est. 193,000, prior 306,111
    • March Federal Debt Total, prior 6.6t
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  • Folha report that the government is still seeking to resolve a fiscal standoff with the Senate, after the latter filed an appeal on Friday against the suspension of the extension of payroll tax exemptions for municipalities. Some in the government propose a progression of municipalities social security contributions according to revenue, while the economic team defends a gradual end to the tax relief and, in return, is offering a renegotiation of city halls’ debts. The objective is to resolve the tax relief issue by May 20, according to the report.
  • On the data front today, the BCB will publish its weekly Focus survey at 1225BST(0725ET), with attention on the CPI, FX and SELIC rate forecasts, which were all increased last week. Meanwhile, the national unemployment rate is expected to rise to 8.1% in March, from 7.8% previously (1300BST). Formal job creation figures for March will also cross at 1330BST, followed by March federal debt data at 1830BST.
    • March National Unemployment Rate, est. 8.1%, prior 7.8%
    • March Formal Job Creation Total, est. 193,000, prior 306,111
    • March Federal Debt Total, prior 6.6t