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UPDATE 1-Brazil creates more formal jobs than expected in October

(Adds data on job creation, comment by central bank director)

BRASILIA, Nov 28 (Reuters) - Brazil created more formal jobs than expected in October, according to labor ministry data released on Tuesday, once again driven by the service sector.

Formal job creation reached a net 190,366 positions in the month, while economists polled by Reuters were expecting 123,400.

Year-to-date, job-creation reached a total of 1.8 million net positions, said the labor ministry, which anticipates a potential increase to 2 million by the end of 2023.

In October, four out of the five activity groups surveyed by the government reported gains, with the services sector, the most representative of the Brazilian economy, leading the way by contributing 109,939 positions.

By contrast, the agribusiness sector experienced a net closure of 1,656 jobs.

The average monthly salary for newly established positions declined from 2,034 reais in September to 2,029 reais ($417).

The overall count of formally registered workers in Brazil has now reached 44.2 million. This figure excludes around 40 million undocumented workers who are not engaged in formal employment in the country.

Central bank director Fernanda Guardado noted at an event hosted by investment bank Morgan Stanley that formal job creation in Latin America's largest economy has been slowing down, but is still "above the historical average." ($1 = 4.8650 reais) (Reporting by Marcela Ayres in Brasilia Editing by Matthew Lewis)

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