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Haddad Says That February Job Creation Was Very Strong

BRAZIL
  • Formal job creation data for February will be released at 1700GMT(1300ET), with analysts expecting a 235k gain last month, vs. +180.4k prior. Earlier, Finance Minister Haddad made some upbeat comments on the economy, saying that job creation in February was very strong and that given the strong start to the year, the government may need to revise its GDP projection upwards from the current 2.2%.
    • Feb. Formal Job Creation Total, est. 235,000, prior 180,395
  • In other comments, Haddad also said that measures to stimulate real estate credit will be announced by next week and that an FX hedge bill will likely be released by Thursday. He also indicated that tax reform regulations will be sent to congress in April. On the fiscal front, he said that the 2025 fiscal target will depend on revenues and congress. Separately, he also noted that Petrobras’s debt with Rio de Janeiro state may be transferred to the federal government.
  • Later today, President Lula will attend a ceremony in Rio at 1340GMT(0940ET), alongside France President Emmanuel Macron. Finance Minister Haddad will then attend a Brazil-France Economic Forum with President Macron in Sao Paulo at 1730GMT.
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