Caged Reports Worst September for Formal Employment Since 2020

The General Register of Employed and Unemployed Persons (Caged) recorded a net creation of 121,305 formal jobs in September. This performance marks the lowest level for the period since the current tracking methodology was implemented. The figure fell short of the 160,200 jobs projected by the market.

The services sector led hiring with 81,241 positions, followed by manufacturing and construction. Conversely, the agricultural sector posted a negative balance with the loss of 4,381 jobs. Experts note that retail and manufacturing results were below the seasonal patterns expected for this time of year.

The slowdown in hiring pace reflects a loss of momentum in the national economy. Consultancies have lowered their job creation estimates for the end of 2026 and now project a volume below the average of the last three years.

Analysts highlight that despite the drop in job volume, nominal wages maintain a 6% year-over-year increase. This wage rigidity remains aligned with services inflation even as the proportion of municipalities reporting positive hiring balances decreased during the month.