Real revenue in the manufacturing industry grew again in November 2025, but the sector’s job market continues to slow down. Data from Industrial Indicators, released this Monday (19) by the National Confederation of Industry (CNI), show that industrial employment fell for the third consecutive month, even with the occasional recovery in activity.
According to the CNI, the loss of employment intensified from September onwards, reflecting the effects of monetary tightening and the gradual weakening of industrial activity throughout the second half of the year.
Main industry numbers in November:
- Real revenue: increase of 1.2% compared to October;
- Industrial employment: fall of 0.2%, third consecutive decline;
- Employment since September: accumulated decline of 0.6%;
- Employment for the year: increase of 1.7% between January and November 2025.
According to Marcelo Azevedo, Economic Analysis manager at CNI, employment reacted to the improvement in activity that began in 2023 and peaked in 2024, but began to lose strength with the increase in the Selic rate, which began last year.
“Only after months of weaker results from industrial activity did employment start to be affected”, explains Azevedo, highlighting that layoffs and rehiring are costly for the industry, which depends on qualified labor.
Job market: occasional relief, negative year
Other indicators linked to the labor market improved in November, after a sequence of negative results, but continue to accumulate losses for the year.
Real wage bill:
- Increase of 1.5% in November, after four consecutive drops;
- Drop of 2.3% year-to-date.
Real average income:
- Increase of 1.6% in the month;
- 4% decline from January to November.
Loss of breath
Despite the growth in revenue in November, industrial activity continues to show signs of slowing in the year to date.
Accumulated revenue in 2025:
Hours worked in production:
- Drop of 0.7% in November;
- Increase of 0.9% in the year to date.
Installed Capacity Utilization (UCI):
- Reduction of 0.6 percentage points in November, to 77.5%;
- 2.4 percentage points below the November 2024 level.
According to the CNI, The gradual reduction in revenue growth throughout 2025 reinforces the expectation of a loss of pace in the industry, especially in the second half of the year, in an environment marked by high interest rates and less dynamism in demand.
