Unemployment Rate in Brazil Drops to 8.1%

Brazil unemployment rate decreases to all-time low of 8.1%

Brazil’s unemployment rate fell to 8.1% of the active population in the quarter ending in November last year, according to data released on Thursday by the Brazilian Institute of Geography and Statistics (IBGE), representing a reduction of 0.9 percentage points compared to the three previous months.

This is the lowest unemployment rate since the quarter ended in April 2015, with the employed population reaching 99.7 million, 0.7% more than the previous quarter.

The informality rate, that is, the proportion of workers registered in informal jobs, decreased from 39.7% in the three previous months to 38.9%.

The Brazilian economy has been recovering since March 2021, when the rate reached a maximum of 14.9% due to the negative impact of the Covid-19 pandemic.

Since then, the employed population began to grow steadily, first in the informal market, and then in the formal one, especially in sectors such as commerce, industry and services.

The financial market analysts consulted by the Central Bank estimate that in 2022, the country grew 3%, while this year, with progressive President Luiz InĂ¡cio Lula da Silva in power, they expect a sharp slowdown reflected in an estimated 0.8% GDP expansion.

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