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Brazil Unemployment Rate Comes Above Expectations
The unemployment rate in Brazil averaged 5.8% in the moving quarter to February of 2026, slightly higher than market expectations of 5.7% but still marking the lowest for the period on record. The figure compared to the 6.8% rate in the corresponding period of the previous year and the 5.2% in the moving quarter ending November of last year, which seasonally sees lower unemployment.
Published on 2026-03-27

Brazil Unemployment Rate Holds at Tight Range
The unemployment rate in Brazil averaged 5.4% in the moving quarter ending January 2026, remaining unchanged from that of the moving quarter ending October of 2025, and aligned with market expectations. It was the slowest on record for the period, holding the view that the Brazilian labor market remained tight at the turn of the year despite the prolonged period of high base rates by the central bank and slowdown in growth. The unemployed population remained broadly unchanged from the earlier moving quarter at 5.9 million, and the employed population also remained loosely unchanged at 102.7 million. In the meantime, average wages grew by 2.8% on the quarter to R$3,65 monthly. This was equivalent to a 5.4% annual growth rate, ahead of the inflation rate in the period.
Published on 2026-03-05

Brazil Unemployment Rate Holds at Tight Range
The unemployment rate in Brazil averaged 5.4%in the moving quarter ending January 2026, remaining unchanged from that of the moving quarter ending October of 2025, and aligned with market expectations. It was the slowest on record for the period, holding the view that the Brazilian labor market remained tight at the turn of the year despite the prolonged period of high base rates by the central bank and slowdown in growth. The unemployed population remained broadly unchanged from the earlier moving quarter at 5.9 million, and the employed population also remained loosely unchanged at 102.7 million. In the meantime, average wages grew by 2.8% on the quarter to R$3,65 monthly. This was equivalent to a 5.4% annual growth rate, ahead of the inflation rate in the period.
Published on 2026-03-05

Brazil Unemployment Falls to Historic Low in December
Brazil’s unemployment rate fell to 5.1% in the three months to December 2025, down from 5.2% in November and matching market expectations. This was the lowest reading in the series since 2012. The number of unemployed people stood at about 5.5 million. Job creation was led by commerce and by public administration, education, health, and social services. For 2025 as a whole, the unemployment rate declined to 5.6% from 6.6% in 2024, marking the lowest annual average since 2012. The average number of unemployed people fell year-on-year to 6.2 million from 7.2 million.
Published on 2026-01-30

Brazil Unemployment Rate Falls to Record Low
The unemployment rate in Brazil fell to 5.2% in the moving quarter ending in November of 2025, a record low, dropping from the 5.6% in the three months to August and compared to expectations of a softer decrease to 5.4%. The data extended the period of a strengthening Brazilian labor market despite elevated real interest rates faced by consumers and businesses, adding room for the central bank to remain hawkish should the country's disinflation progress stall. Net unemployment fell 7.2% from the previous moving quarter to 5.6 million, the lowest on record. In the meantime, net employment rose 0.6% to 103 million, also a record high. The underutilization rate fell by 0.6 percentage points to a fresh low of 13.5%. In the meantime, average wages rose by R$65 to R$3,547 monthly.
Published on 2025-12-30

Brazil Jobless Rate Hits Record Low
Brazil’s unemployment rate fell to 5.4% in the moving quarter to October 2025, from 5.6% in the previous period, the lowest level in the series beginning in 2012 and slightly below expectations of 5.5%. The unemployed population dropped 3.4% to 5.9 million, also a record low. Employment increased in construction (up 2.6% or 192,000 people) and in public administration (up 1.3% or 252,000), while other services declined 2.8% or 156,000. The underutilization rate remained at a series low of 13.9%, with 15.8 million people underutilized, the lowest since late 2014. The informality rate held at 37.8% of the workforce, or 38.8 million workers. Average real earnings reached a record R$3,528.
Published on 2025-11-28

Brazil Jobless Rate Hits Record Low
Brazil’s unemployment rate fell to 5.4% in the moving quarter to October 2025, from 5.6% in the previous period, the lowest level in the series beginning in 2012 and slightly below expectations of 5.5%. The unemployed population dropped 3.4% to 5.9 million, also a record low. Employment increased in construction (up 2.6% or 192,000 people) and in public administration (up 1.3% or 252,000), while other services declined 2.8% or 156,000. The underutilization rate remained at a series low of 13.9%, with 15.8 million people underutilized, the lowest since late 2014. The informality rate held at 37.8% of the workforce, or 38.8 million workers. Average real earnings reached a record R$3,528.
Published on 2025-11-28

Brazil Unemployment Holds Steady at Historic Low
Brazil’s unemployment rate held steady at 5.6% in the September 2025 moving quarter, unchanged from the previous period and remaining near 2012 lows, though slightly above market expectations of 5.5%. The number of unemployed stood at 6.0 million, the lowest in the series, while total employment remained stable at 102.4 million. Employment rose in agriculture, livestock, forestry, fishing, and aquaculture (+260 thousand) and construction (+249 thousand), while declining in trade and vehicle repair (–274 thousand) and domestic services (–165 thousand). The underutilization rate fell to a record low of 13.9%, with the underutilized population declining 4.0% to 15.8 million. The informality rate remained unchanged at 37.8% (38.7 million workers), and average real earnings held steady at a record BRL 3,507.
Published on 2025-10-31

Brazil Unemployment Rate Remains at Historic Low
Brazil’s unemployment rate held steady at 5.6% in the September 2025 moving quarter, unchanged from the previous period and remaining near 2012 lows, though slightly above market expectations of 5.5%. The number of unemployed stood at 6.0 million, the lowest in the series, while total employment remained stable at 102.4 million. Employment rose in agriculture, livestock, forestry, fishing, and aquaculture (+260 thousand) and construction (+249 thousand), while declining in trade and vehicle repair (–274 thousand) and domestic services (–165 thousand). The underutilization rate fell to a record low of 13.9%, with the underutilized population declining 4.0% to 15.8 million. The informality rate remained unchanged at 37.8% (38.7 million workers), and average real earnings held steady at a record BRL 3,507.
Published on 2025-10-31

Brazil Jobless Rate Holds at Record Low in August
Brazil’s unemployment rate stood at 5.6% in the August 2025 moving quarter, unchanged from the previous rolling quarter and in line with market expectations, matching the lowest level since the series began in 2012. The rate was 0.6 pp lower than in the prior quarter (6.2%) and 1.0 pp below the year-earlier level (6.6%). The unemployed population fell to a record low of 6.1 million, down 9% in the quarter (605,000 fewer) and 14.6% year-on-year (1 million fewer). The composite underutilization rate also hit a series low of 14.1%, down 0.8 pp in the quarter and 1.9 pp annually, totaling 16 million people. Job gains were concentrated in agriculture, livestock, fishing, and aquaculture (+4.4% or 333,000) and in public administration, defense, education, and health (+1.7% or 323,000). Average real earnings were R$3,488, stable on the quarter and up 3.3% year-on-year.
Published on 2025-09-30

Brazil Unemployment Falls to Record Low
Brazil’s unemployment rate fell to 5.6% in the July 2025 moving quarter, down from 5.8% and slightly below market expectations of 5.7%, marking the lowest level since the series began in 2012. The unemployed population dropped to 6.1 million, the lowest since late 2013, while the employed population hit a record 102.4 million. The employment-to-population ratio held at its record 58.8%. Job growth was driven by agriculture (+206,000 workers), information and professional services (+260,000), and public administration, education, health, and social services (+522,000). Meanwhile, average real earnings rose 1.3% to R$3,484.
Published on 2025-09-16

Brazil Unemployment Rate Falls to Record Low
The unemployment rate in Brazil fell sharply to 5.8% in second quarter of 2025 from 7% in the previous quarter, the lowest on record, and below market expectations of a 6% unemployment rate. The figure consolidated the view of a tight labor market amid as increased government spending stimulates the economy, strengthening the central bank's argument that interest rates should remain restrictive for a prolonged period. The unemployed population sank by 17.4% on the quarter to 6.3 million people, while net employment rose by 1.8% to 102.3 million, a record high. In turn, real wages inched higher by R$37 to R$3,447 monthly.
Published on 2025-07-31

Brazil Unemployment Rate Falls to Record Low
The unemployment rate in Brazil fell sharply to 5.8% in second quarter of 2025 from 7% in the previous quarter, the lowest on record, and below market expectations of a 6% unemployment rate. The figure consolidated the view of a tight labor market amid as increased government spending stimulates the economy, strengthening the central bank's argument that interest rates should remain restrictive for a prolonged period. The unemployed population sank by 17.4% on the quarter to 6.3 million people, while net employment rose by 1.8% to 102.3 million, a record high. This is despite the record high level of labor force participation, at a rate of 58.8%. In turn, real wages inched higher by R$37 to R$3,447 monthly.
Published on 2025-07-31

Brazil Unemployment Rate Falls to 6.2%
The unemployment rate in Brazil fell to 6.2% in the three months ending May 2025, down from 6.8% in the quarter ending February, the lowest level in a year, and below market expectations of 6.4%. The number of people in employment rose by 1.2% to 103.9 million, as did the record growth in the number of people employed in the private sector with a formal contract, to 39.8 million. Meanwhile, the number of unemployed people fell by 8.6% compared to February, to 6.8 million. The number of people out of the labor force did not change significantly, standing at 66.7 million. Lastly, real income remained stable in the quarter, at R$3,457.
Published on 2025-06-27

Brazil Unemployment Rate Falls to 6.2%
The unemployment rate in Brazil fell to 6.2% in the three months ending May 2025, down from 6.8% in the quarter ending February, the lowest level in a year, and below market expectations of 6.4%. The number of people in employment rose by 1.2% to 103.9 million, as did the record growth in the number of people employed in the private sector with a formal contract, to 39.8 million. Meanwhile, the number of unemployed people fell by 8.6% compared to February, to 6.8 million. The number of people out of the labor force did not change significantly, standing at 66.7 million. Lastly, real income remained stable in the quarter, at R$3,457.
Published on 2025-06-27

Brazil Unemployment Rate Falls to 6.2%
The unemployment rate in Brazil fell to 6.2% in the three months ending May 2025, down from 6.8% in the quarter ending February, the lowest level in a year, and below market expectations of 6.4%. The number of people in employment rose by 1.2% to 103.9 million, as did the record growth in the number of people employed in the private sector with a formal contract, to 39.8 million. Meanwhile, the number of unemployed people fell by 8.6% compared to February, to 6.8 million. The number of people out of the labor force did not change significantly, standing at 66.7 million. Lastly, real income remained stable in the quarter, at R$3,457.
Published on 2025-06-27

Brazil Unemployment Rate at 6.6%
The unemployment rate in Brazil was at 6.6% in the three months ending to April 2025, edging marginally higher from the 6.5% on the January quarter, and well below market expectations of 6.9%. The number of unemployed people remained relatively unchanged from January at 7.3 million, as was the number of employed people, which remained near 103.3 million. In line with this, the number of people outside the labor force did not vary significantly, at 66.8 million. Lastly, real income remained stable in the quarter, at R$3,426.
Published on 2025-05-29

Brazil Unemployment Rate Rises to 10-Month High
The unemployment rate in Brazil increased to 7% in the three months to March 2025, the highest level since three month period ended in May of last year, and in line with expectations. The number of unemployed people increased by 13.1% from the earlier period to 7.7 million, while the number of employed people fell 1.3% to 102.5 million. In the meantime, the number of people outside the labor force increased 1.2% to 67 million. Lastly, real income went up 1.2%, to R$3,410.
Published on 2025-04-30

Brazil Unemployment Rate Rises to 6.8%
The unemployment rate in Brazil increased to 6.8% in the three months to February 2025, the highest level since the three months to July, compared to 6.5% in the previous period and in line with market expectations. The number of unemployed people soared 10.4% to 7.5 million while the number of employed went down 1.2% to 102.7 million. Those outside the labour force increased 1.4% to 66.9 million. Meanwhile, real income went up 1.3% to BRL 3378, a record high since records began in 2012.
Published on 2025-03-28

Brazil Unemployment Rate Rises Sharply
The unemployment rate in Brazil jumped to 6.5% in the moving quarter ending in January 2025 from 6.2% in the three-month period to October 2024, the highest in five months, and loosely in line with market expectations of 6.6%. The jump reflected the departure Brazil’s overly tight labor market, consistent with lingering concerns that high inflation and a weak currency are denting aggregate demand. The unemployed population jumped by 5.3% from the previous moving quarter to 7.2 million. In the meantime, net employment fell by 0.6% to 103 million, amid an increase in unemployment and a jump in the population outside the labor force (% to 66.8 million). In the meantime, average real wages grew by 1.4% to R$3,343 monthly.
Published on 2025-02-27