Unemployment in Brazil goes below 10 percent for 1st time since early 2016, but income still suffers
Brazil’s unemployment rate fell more than expected in the quarter to May and was below 10 percent for the first time since early 2016, with the country recording the highest number of employed people in the historical series, but still suffering strong income losses.
Brazil’s unemployment rate reached 9.8 percent in the quarter to May, down from 11.2 percent in the three immediately preceding months ended in February. The Pnad Continuous Survey data released by the Brazilian Institute of Geography and Statistics (IBGE) on Thursday is the lowest since the 9.6 percent rate seen in the three months to January 2016 -also the last time it was in single digits.
Read more about this topica: Unemployment rate rises and reaches almost 13 million people in Brazil
The reading is still the lowest for quarters ending in May since 2015 (8.3 percent) and was below expectations in a Reuters poll of 10.2 percentF. In the three months through April, the rate had been 10.5 percent.
After Brazil’s unemployment rate reached close to 15 percent with the restrictive measures against Covid-19, the labor market has been showing recovery, especially after the service sector favored vaccination.
In the three months to May, Brazil had 97.516 million occupied -the largest contingent in the historical series, which began in 2012-, representing a rise of 2.4 percent over the quarter to February and 10.6 percent compared to the same period in 2021.
Read more at: ISTOÉ
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