In a new development in 2023, Brazil’s youth unemployment dropped to 15.3%, the lowest Q4 rate since 2014, down from 2022’s 16.4%.
The IBGE released these findings on February 16, 2024, highlighting a positive shift in the job market.
The overall unemployment rate in Brazil improved to 7.4% in the last quarter of 2023. Out of 8.1 million job seekers, 2.3 million were young adults.
Despite having more job seekers, the 25 to 39 age group saw their unemployment rate decrease from 7.1% to 6.9%.
Only the 60 and over age group experienced a slight increase in unemployment.
Both men and women recorded their lowest unemployment rates since the last quarter of 2014, at 6% and 9.2%, respectively.
The report also sheds light on unemployment rates across different racial groups.
Black individuals’ unemployment rate dropped from 9.9% to 8.9%, and mixed-race and white individuals also saw decreases in their unemployment rates.
This trend reflects Brazil’s efforts to enhance job creation and economic stability, showing progress across various demographics.
The decline in unemployment rates points to a more inclusive and prosperous future for Brazil’s workforce.
Background
The decline in Brazil’s youth unemployment to its lowest level since 2014 marks a significant recovery phase in the country’s labor market.
Historically, Brazil’s economy has faced boom and bust cycles, with the youth often hit hardest by job scarcities during downturns.
The progress highlighted by the 2023 figures suggests a rebound from past economic challenges, such as the severe recession experienced in 2015 and 2016.
The broader decrease in unemployment rates across different age and racial groups indicates a positive shift towards more inclusive economic growth.
This inclusivity is crucial for addressing historical disparities in employment, particularly among black and mixed-race individuals.