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Manufacturing Sector Rises in Five of Six Indicators in November 2023, but Capacity Utilization Declined. CNI.
Throughout 2023, the industrial sector has shown signs of recovery, undergoing a process of rebound after the impacts of the pandemic. The positive numbers released by the National Confederation of Industry (CNI) reflect the strengthening of the industrial sector, demonstrating that the Brazilian industry is in constant evolution and overcoming challenges.
The national manufacturing has been essential for economic recovery and job creation, directly impacting the growth of the industrial sector. With advances in technology and a drive for greater efficiency, the industry has proven increasingly prepared to face the challenges of both the domestic and international markets.
Increase in Real Wage Mass and Average Industrial Earnings
The industry saw a significant increase of 2.8% in the real wage mass and 2.4% in the real average earnings from October to November 2023, disregarding seasonal effects.
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Without her own home and pressured by rent, a 25-year-old bought a small 15-meter boat, gradually renovated the interior by herself, transformed the interior with paint, new flooring, a larger bathroom, and started living on the canals, paying much less per month.
Additionally, employment in the industrial sector grew by 0.5% during the same period, marking a consecutive rise for the second time, after six months of minimal fluctuations. In comparison to November 2022, the employment index remains stable, while the year-to-date total up to November 2023 shows a growth of 0.3% in industrial employment.
Challenges Faced by the Industrial Sector in 2023
The CNI’s Economic Analysis Manager, Marcelo Azevedo, highlights that the industry faced significant challenges in 2023, with high interest rates standing out as one of the main issues. Therefore, the mentioned point increase is far from representing the full recovery of the sector.
However, the indices of real revenue and hours worked recorded growth in November, after two months of decline. Nevertheless, they also showed a decrease compared to November 2022 and in the accumulated data for 2023 up to November.
Furthermore, Capacity Utilization (UCI) experienced a significant drop from October to November, decreasing by 0.6 percentage points, reaching 78%. This percentage is 2.5 percentage points lower than the figure recorded in November 2022.
Difficulties in Reversing the Critical Situation in Industry
These data reveal that it is premature to speak of a reversal in the complex scenario currently faced by the industry.
Industrial Indicators: Short-Term Evolution of Industrial Activity
Since 1992, the monthly Industrial Indicators survey has tracked the short-term evolution of industrial activity, especially in the manufacturing industry, through variables such as revenue, employment, compensation, and capacity utilization.
Large industries from various sectors of the manufacturing industry in different states of Brazil are consulted for this comprehensive survey. The complete report is available for consultation below:
23 01 – Industrial Indicators nov2023.pdf(584.9 KB)
Source: Portal da Indústria
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