Brazil Unemployment Rate

The unemployment rate in Brazil fell to 6.1% in the three months to November of 2024, the lowest on record, from 6.6% in the moving quarter ending in August, aligned with market expectations. The result reinforced the hot momentum of the Brazilian labor market as strong government spending levels aided consumer spending and lifted demand for business capacity, aligning with the central bank’s signal of sharp rate hikes at the start of next year. The unemployed population fell by 7% to 6.8 million since the earlier moving quarter, the least since late 2014. In turn, net employment rose by 1.4% to 103.9 million, a new record high. Additionally, average monthly wages grew by BRL 22 per month to BRL 3,285.