Brazil Unemployment Rate Rises Less than Expected

The unemployment rate in Brazil rose to 5.8% in the moving quarter that ended April of 2026 from 5.4% in the moving quarter ending in January. The increase was aligned with seasonal movements and below the market expectations of 5.9%, marking the lowest unemployment rate for an April quarter on record. The unemployed population rose by 8% from the earlier moving quarter to 6.3 million. In turn, net employment eased by 0.3% to 102.3 million. Still, average earnings inched higher to R$3,732 per month from R$3,719.

The unemployment rate in Brazil rose to 6.1% in the moving quarter ended March 2026 from 5.8% in the prior quarter, matching market expectations. Still, this marks the lowest rate for a quarter ended in March in the historical series, which began in 2012. The unemployed population grew by 19.6% to 6.6 million in the quarter. Employment fell 2.5% in the public sector and 1.0% in the private sector. The employment level was 58.2%, a drop of 0.7 p.p. in the quarter. Over the year, the unemployed population fell by 13.0%.

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.