Brazil Jobless Rate Falls to 5.2%, Setting New Series Low

Overview

• The number of unemployed fell to 5.6 million in the quarter to November, down 7.2% from the prior period and 14.9% year over year.
• Employment reached roughly 103.2 million people, with the employment-to-population ratio at a series-high 59.0%.
• Workers with formal contracts rose to a record 39.4 million, the highest level in the PNAD Contínua series.
• Average real earnings climbed to R$ 3,574, up 1.8% from the previous quarter and 4.5% from a year earlier.
• The 5.2% unemployment rate came in below the 5.4% expected by market analysts, with the PNAD release published alongside the Labor Ministry’s Caged data.