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[BUSINESS] · Brazil · 95 sources

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Brazil unemployment rate hits historic low of 5.3%

Brazil's unemployment rate fell to 5.3% for the moving quarter ending in July, the lowest level for this period since the IBGE began the PNAD Contínua series in 2012. The number of employed people reached a record high of 103.3 million, a 1% increase from the previous quarter.

Formal employment also hit a historic peak, with 39.4 million workers holding signed contracts. However, the informality rate rose slightly to 37.5%. The average real income for workers remained stable at R$ 3,762.

The growth in employment was largely driven by the construction sector, which saw a 5.1% expansion. While the labor market shows strength, economists note that high interest rates continue to impact the retail sector, which saw a net loss of jobs in July.

Entities

Antonio Ricciardi · Banco Central · Banco Daycoval · Brazil · IBGE · William Kratochwill

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