Brazil's most industrialized state lost 10,000 jobs in October as the global financial crisis shook Latin America's largest economy, the nation's most influential business group said.
Following the announcement by the Sao Paulo Federation of Industries, Brazil's biggest real estate developer said Friday that it was putting off some apartment building projects and would cut an unspecified number of jobs in coming months.
The job losses for Sao Paulo state were the first registered for the month of October in five years, the federation said. Most affected were businesses that make leather products, shoes and furniture.
Brazil was enjoying an extended economic boom before the financial crisis hit in October. Since then, shares of big Brazilian companies and the nation's currency have been battered as foreign investors reduce holdings in favor of investments seen as safer in times of turmoil.
Real estate developer Cyrela Brazil Realty SA said its building project delays were directly related to the uncertainty about Brazil's economy because of the global slowdown.
The real estate sector has been one of Brazil's hottest in recent years, as droves of Brazilians getting bigger paychecks took advantage of easier credit terms to take out loans and buy apartments and houses.
But the global credit crunch has prompted lenders to reduce the amount of time buyers are given to pay off their loans. That's also affected purchases of everything from appliances to vehicles in the nation of nearly 190 million.
Major auto makers with big Brazilian operations have idled factories and sent workers home on paid vacation because of plummeting car sales.
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