Brazil’s jobless rate slightly rose to 7.8% by February, a small climb from November but an improvement from last year. This figure met expert predictions.
Year-on-year, unemployment fell by 0.8%. Even with this uptick, employment numbers stayed consistent.
Adriana Beringuy from the IBGE linked the increase to more people seeking jobs after a brief pause.
There were 8.5 million job seekers, up 4.1% quarterly but down 7.5% from last year. The employed count remained at 100.2 million.
Of these, 37.9 million were in formal private jobs, and 25.4 million were self-employed. Public-sector jobs accounted for another 12 million.
Workers’ average real earnings rose to R$3,110, up 1.1% quarterly and 4.3% annually, thanks to a busy period for hospitality and food services.
Economist Leonardo Costa noted a 4.6% increase in overall earnings year-over-year, the highest since the previous August.
He emphasized that recent data show a thriving job market at 2024’s start, with more people working and unemployment rates decreasing.
Background
In early 2024, Brazil’s slight unemployment increase to 7.8% contrasts with regional trends, showcasing its diverse economy’s resilience.
While Argentina and Colombia grappled with their own job market challenges, Brazil maintained employment stability with 100.2 million workers.
Brazil observed sector-specific wage growth, notably in hospitality, leading to a 1.1% quarterly and 4.3% annual rise in real wages to $622.
This improvement reflects a robust consumer sector recovery, distinguishing Brazil from its neighbors.
The notable 4.6% annual increase in overall earnings highlights Brazil’s improving living standards.
This sets it apart as a regional leader amidst South America’s varied economic landscapes.