Industrial activity remains at a higher level than last year. According to the Industrial Indicators survey by the National Confederation of Industry (CNI), the performance of the manufacturing industry in the first seven months of 2024, compared to the same period in 2023, is positive.
CNI’s Economic Analysis Manager, Marcelo Azevedo, explains that, despite some indicators analyzed by the survey having declined between June and July this year, the overall picture is positive.
“The Industrial Indicators for July highlight the maintenance of the level of activity in 2024 above that recorded in 2023. Although some of the variables fell from June to July, when comparing the period from January to July this year with last year, all variables show an increase, some significant, both those more linked to activity, such as revenue, the use of installed capacity, and those more linked to the labor market, such as income or wage bill”, assesses Azevedo.
From June to July 2024, employment in the industry increased by 0.2%. Industrial employment has not shown a negative result for ten months. Compared to July 2023, the index increased by 2.2%. In the accumulated total for the first seven months of this year, compared to the same period last year, employment increased by 1.7%.
“Another industrial indicator that improved was the number of hours worked in production, which grew 0.9% in July compared to June. In seven of the last nine months, hours worked in production increased. Compared to July last year, the indicator increased 7.9%, while, in the accumulated total for 2024, the indicator registered an increase of 3.4%, compared to 2023”, highlights the CNI.
The survey shows that the industry’s real revenue remained stable (+0.1%) from June to July 2024. Compared to July last year, the indicator rose 15.2%. In the accumulated period from January to July, revenue is 3.4% higher than in the same period in 2023. This indicator is at its highest level since January 2021.
“In July, the real wage bill in industry fell 3.6% compared to June. Since March of this year, this indicator has alternated between significant increases and decreases. Despite having decreased compared to last month, the wage bill grew 0.9% compared to July of last year. The sum of the results of the indicator from January to July of this year is 3.4% higher than that of the first seven months of 2023”, informs the CNI.
The average real income of the manufacturing industry fell by 3.7% in July 2024, compared to the previous month. The behavior of this indicator is similar to that of the wage bill in recent months, with alternating rises and falls.
