Brazil Jobless Rate Holds at 5.6% Record as September Adds 213,002 Formal Jobs

Overview

• IBGE’s household survey shows unemployment at 5.6% in the quarter to September, the lowest in the series, with 6.045 million unemployed and the subutilization rate at a record low 13.9%.
• The number of private employees with a formal contract hit a record 39.2 million, while total employment stayed at a high 102.4 million and average monthly income reached R$ 3,507, up 4% year over year.
• Caged administrative data report a net 213,002 formal jobs in September, above market forecasts and up from August, but about 15.5% below September 2024; year-to-date gains total 1.7166 million, down roughly 14% versus 2024.
• Job creation was broad-based, with all five sectors positive and services leading (+106,606); all 27 states posted gains, led by São Paulo (+49,052), Rio de Janeiro (+16,009) and Pernambuco (+15,602).
• The average admission salary was R$ 2,286.34, a 0.9% real drop versus August and a 0.8% real rise from a year earlier, as investors marked lower futures rates after the IBGE release and economists pointed to a resilient but gradually cooling labor market.