Brazil Jobless Rate Holds at 5.6% Record as Earnings and Formal Work Hit Highs

Overview

• IBGE reported unemployment at 5.6% for July–September, with 6.045 million people unemployed, the lowest figure in the series since 2012.
• The employed population stayed at a record 102.4 million, the mass of real habitual earnings reached a record R$354.6 billion, and average income was R$3,507, up 4% year over year.
• Caged showed a net gain of 213,002 formal jobs in September, beating forecasts but 15.5% below September 2024, taking the stock of carteira assinada jobs to about 48.91 million.
• All five major sectors posted positive balances in September, led by services (+106,606), with industry, commerce, construction, and agriculture also adding jobs.
• Informality remained high at 37.8% of the employed, while the Ibovespa closed at 149,540 points and futures rates eased modestly after the data.