Brazil Unemployment Rate

Brazil’s unemployment rate averaged 7.1% in the three months leading to May of 2024, the lowest since January 2015, and dropping from the 7.5% rate in the three months to April. The result was lower than market estimates of 7.3%, adding leeway for the central bank to ease the pace of its rate-cutting campaign as inflation shows signs of stickiness. The number of unemployed individuals fell to 7.8 million people from 8.2 million in the previous period, while employed individuals rose by 527 thousand people to a record high of 101.3 million. In the meantime, average real wages rose by 1% from the previous moving quarter to BRL 3,181 per month.