FX.co ★ Brazil Net Payrolls Beat Forecasts in January

Brazil generated 112,334 formal jobs in January 2026, exceeding market expectations of 92,000 and reaching the highest monthly level since September 2025. The result reflects a net balance from 2.2 million hires and 2.1 million dismissals over the period. The country now has more than 48.5 million active formal employment contracts.

Four of the five main economic sectors expanded: industry (+55,000 jobs), construction (+50,500), services (+40,500), and agriculture (+23,100). Commerce, however, recorded a net loss of 56,800 positions, reflecting a typical seasonal adjustment after the year-end holidays.

Out of Brazil’s 27 states, 18 reported job growth. The largest gains were observed in Santa Catarina (+19,000 jobs), Mato Grosso (+18,700), and Rio Grande do Sul (+18,400).