Saturday, December 4

Industrial employment grew in October and is 3.7% above 2019

Regarding the items, the report highlights the progress of the pharmaceutical industry that already has more than 40,000 formal jobs, thus reaching the highest level in its history. Another of the branches that appears with the best performance is agricultural machinery, which has the largest number of formal jobs since 2013. The CEP also pointed to food and beverages, animal proteins and milling products as activities that generated employment.

The study center directed by Daniel Schteingart produces an advanced industrial activity indicator based on the energy consumption of companies. According to this survey, production grew 2.4% in October compared to the same month in 2019, with nine out of fourteen sectors on the rise. The dynamics of basic metals (+ 11.4%), metalworking (+ 9.5%), non-metallic minerals (+ 6.3%) and the automotive sector (+ 4.7%) stand out. As for the first days of November, the report also reflects levels higher than those of 2019.

With regard to the coming months, some alarm lights are lit for local industry activity. In the first place, the greater mobility of people once again modified consumption patterns. During the pandemic, with restrictions on circulation, the sale of durable goods grew strongly to the detriment of services. This dynamic has changed again and now the sectors that grow the most are the most affected during the preventive and compulsory social isolation, such as gastronomy, hotels and tourism, among others.

On the other hand, as √Āmbito anticipated, production could be affected by a lower level of activity in Brazil. The level of activity in the neighboring country is a key indicator for Argentine industry since it is the main recipient of manufacturing exports. The Central Bank of the country chaired by Bolsonaro once again corrected the growth prospects for 2022 downwards. The improvement in the economy, according to the surveys of the consulting firms collected by the monetary entity, would reach only 1%.

Analysts anticipate that with the complex scenario that Brazil is going through, “it cannot be expected to be an engine for the Argentine economy.” They estimate that the slowdown in the Brazilian economy could have a negative impact on metalworking and the automotive industry.

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