UPDATE 2-Brazil posts record jobs increase for month of April

* Brazil adds 305,068 payroll jobs in April

* Fourth straight month of gains, underscores rebound
(Recasts, adds quotes, context and byline)

By Isabel Versiani

BRASILIA, May 17 (BestGrowthStock) – Brazil’s economy added a
record number of jobs for the month of April and will create as
many as 280,000 jobs in May, underscoring the strength of the
expansion in Latin America’s largest economy.

A total of 305,068 payroll jobs were added in April, the
fourth straight month of increases, the labor ministry said on
Monday.

This brings the total net payroll positions added so far
this year to 962,327 and the economy should create between
240,000 and 280,000 in May, Labor Minister Carlos Lupi told
reporters in Brasilia. Brazil is expected to have a net 2.5
million new jobs in 2010, he said.

The economy was playing catch up to last year when
companies laid off workers or were reluctant to hire in the
midst of the global financial crisis, he said.

“We are not at the limit (of economic activity). The
Brazilian industry still has room to grow,” Lupi told a press
conference.

“I don’t see any possibility of consumption cooling.”

The jobs data comes days after the government took measures
to cool the economy which many say is in danger of overheating.
Brazil’s government last week said it had plans to cut its 2010
budget by another 10 billion reais, bringing total spending
cuts to 1 percent of gross domestic product. For more see
[ID:nN13116480].

Brazil became among the first countries to come out of the
global financial crisis in 2009 and is expected to grow 6.3
percent this year, according to the latest weekly central bank
survey. Some banks are expecting the economy to expand as much
as 7.5 percent this year.

Much of Brazil’s work force is not registered with the
labor ministry and belongs to a vast informal economy. The
government of President Luiz Inacio Lula da Silva is seeking to
increase the number of payroll jobs in the country.

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(Reporting by Isabel Versiani; Writing by Ana Nicolaci da
Costa; Editing by Chizu Nomiyama)

UPDATE 2-Brazil posts record jobs increase for month of April