Investor Presentaiton
Consumption/employment provide support for demand
Retail Sales MoM s.a.
170.00
160.00
150.00
140.00
130.00
120.00
110.00
100.00
90.00
Source: IBGE
Jan-00
00-inг
Jan-01
40–ՈՐ
Jan-02-
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08-
Monthly Unemployment Rates
14
13
12
11
10
9
8
7
- 80-IՈՐ
Jan-09-
6
Jan
Feb
Mar
Apr
May
Jun
Jul Aug
Sep
Oct
Nov
Dec
Source: IBGE
-60-inc
Demand Holding Firm
Real income (+19% in the last 4 years) protected
by falling inflation;
There have been neither bubbles nor wealth
destruction, so households have been protected;
2009: Unemployment peaked in April; net formal
job creation returned to positive since February;
Average unemployment for 2009 was 8.1%, only
+0.2% from 2008's 7.9%;
2004
2006
2008
2009
Companies and unions promoted agreements in
order to preserve jobs in exchange of less hours
worked;
-o-2010
Confidence indexes have already reverted to the
upside, and are gaining momentum.
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