Industrial production drops 2.4% in January

Industrial indicators show “worrying immobility”, says CNI

Of all the indices analyzed by the National Confederation of Industry (CNI) for the composition of the Industrial Indicators for February, only the one related to hours worked in production showed growth, in comparison with January. According to the entity, the indices related to billing and employment declined, interrupting the sequence of three consecutive highs. For the CNI, the result shows “a slowdown in the sector”.Industrial indicators show “worrying immobility”, says CNI

The other indices analyzed by the confederation did not show great variations, which, according to the CNI technical team, represents a “worrying immobility for economic activity”.

The real turnover of the manufacturing industry fell by 0.2% in February 2022, compared to January (series free of seasonal effects). “The retreat occurs after three consecutive highs, a period in which sales had grown 5.7%. In comparison with February 2021, sales fell by 5%”, says the survey.

Industrial employment remained “practically stable”, according to the CNI, showing a decrease of “only 0.1%” in comparison with January. In the sum of the previous three months, this index had grown by 0.8%. Compared to February 2021, employment increased by 2.9%.

Worked hours

Hours worked in production registered growth of 1.4%, in the comparison between February and January. “The index grows again after the slight decline in the previous month (-0.2%) and starts to register three increases in the last four months, totaling growth of 3.8% in the period”, informs the CNI.

The entity adds that the total hours worked in production in February 2022 is 2.1% higher than that recorded in February 2021.

Workers’ income

The real average income of industrial workers fell by 0.1% between January and February 2022. In comparison with February 2021, worker income had, on average, a small increase of 0.7%, while the inflation measured in the period (12 months), according to the IBGE, was 10.54%.

The manufacturing industry wage bill remained stable in the period January-February 2022. In comparison with February 2021, this index increased by 3.5%.

“Worrying immobility”

Installed Capacity Utilization (UCI) remained stable at 81%. In comparison with February 2021, however, it recorded a rise of 0.4 percentage point.

In the assessment of CNI’s Economic Analysis manager, Marcelo Azevedo, the “immobility” of these indicators is “worrying for economic activity”. According to him, the performance of the industrial sector needs to improve to recover the falls of 2021 and 2020. The results, however, do not show that this recovery trajectory was sustainable, added the economist.

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