Transformation Industry Shines in 2024: CNI Survey Reveals Surprising Results

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Published on 10/09/2024 at 11:36

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Manufacturing Industry Surpasses Last Year’s Activity Level, With Jobs and Hours Worked on the Rise, but Payroll and Average Income Falling.

The manufacturing industry remained above the level recorded in the previous year, according to data released by CNI. The Industrial Indicators survey for the month of July highlights that there was growth in both employment and hours worked in the sector. Despite this, there was a decline observed in payroll and average income for workers. This data contrasts with the stability in revenue and the utilization of installed capacity (UCI).

In the context of the industrial sector, the manufacturing industry shows signs of resilience in facing economic challenges. Although job creation and the increase in hours worked are positive points, the reduction in wages and average income raises concerns among analysts. The maintenance of industrial activity at levels higher than last year evidences the sector’s resilience. However, attention is now turning to the possibility of wage improvements in the future.

Performance of the Manufacturing Industry

According to the Industrial Indicators survey by the National Confederation of Industry (CNI), the manufacturing industry had a positive performance in the first seven months of 2024, compared to the same period in 2023.

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Indicators Show Improvement

Although some variables have declined from June to July, when comparing the period from January to July this year with the last year, all variables show growth, some significantly. Both variables related to activity, such as revenue and the use of installed capacity, and those linked to the labor market, such as income and payroll, showed noticeable increases, evaluated Marcelo Azevedo.

Employment and Hours Worked on the Rise

Employment in the manufacturing industry rose 0.2% from June to July 2024. This indicator has been gradually increasing since April and has not shown a negative result for ten months. Compared to July 2023, the increase was 2.2%. In the first seven months of 2024, employment in the industrial sector grew 1.7% compared to the same period last year.

Another positive indicator was the number of hours worked in production, which increased 0.9% in July compared to June. In the last nine months, seven of them recorded an increase in hours worked. Compared to July last year, there was a growth of 7.9%, and in the cumulative total for 2024, the increase was 3.4% compared to 2023.

Stability in Revenue and Utilization of Installed Capacity

The CNI survey indicated that the real revenue of the manufacturing industry remained practically stable (+0.1%) from June to July 2024, after seasonal adjustment. Compared to July last year, there was an increase of 15.2%, and in the cumulative total for the year (January to July), growth was 3.4% compared to the same period in 2023. This indicator reached its highest level since January 2021. The Utilization of Installed Capacity (UCI) remained at 79.5% in July 2024, showing an improvement of 1.6 percentage points compared to July last year. The average UCI in the first seven months of 2024 was 0.7 percentage points higher than the 2023 average.

Payroll and Average Income in Decline

In July 2024, the real payroll of the manufacturing industry fell 3.6% compared to June. Since March this year, this indicator has shown significant fluctuations, alternating between increases and decreases. Despite the monthly reduction, there was a growth of 0.9% compared to July last year. In the cumulative total for the first seven months of the year, the increase was 3.4% compared to the same period in 2023.

The real average income also had a drop of 3.7% in July 2024 compared to the previous month. This indicator has followed a similar pattern to payroll in recent months, with fluctuations between highs and lows. Compared to July 2023, the average income decreased by 1.2%, but maintains a positive trend in the cumulative total for the year compared to last year.

Source: CNI Press

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Transformation Industry Shines in 2024: CNI Survey Reveals Surprising Results

Manufacturing Industry Surpasses Last Year’s Activity Level, With Jobs and Hours Worked on the Rise, but Payroll and Average Income Falling.

Performance of the Manufacturing Industry

Indicators Show Improvement

Employment and Hours Worked on the Rise

Stability in Revenue and Utilization of Installed Capacity

Payroll and Average Income in Decline

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Performance of the Manufacturing Industry

Indicators Show Improvement

Employment and Hours Worked on the Rise

Stability in Revenue and Utilization of Installed Capacity

Payroll and Average Income in Decline

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

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An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

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