The Brazilian jobless rate dropped to 7.4% in late 2023, the lowest since early 2015, as reported by IBGE on January 31, 2024.
This decrease is significant. It shows improvement in the job market since 2014. The report came out on Wednesday.
From the third to the fourth quarter of 2023, the unemployment rate dropped by 0.3 percentage points.
Over one year, it went down by 0.5 percentage points from 7.9%. The number of people without jobs was 8.1 million in the last quarter.
This number fell by 2.8% from the previous quarter. It also dropped by 5.7% from the same time in 2022. This means 490,000 fewer people were jobless.
The rate of underused workers also decreased. It hit 17.3% at the year’s end. This rate was the lowest since mid-2015.
It went down by 0.3 percentage points from the third quarter of 2023. It fell by 1.2 percentage points from the year before.
Underused workers include the unemployed, those working less than possible, and those not job hunting but ready to work.
Their number stayed the same at 19.9 million in the last quarter. This was the smallest group since early 2016. It showed a 6.4% drop from the previous year.
Among these underused workers were discouraged ones. They didn’t look for jobs, thinking they wouldn’t find any.
They numbered 3.5 million. Their count stayed the same from the third to the fourth quarter. Yet, it fell by 13.6% over the year, meaning 542,000 fewer people felt this way.
This drop in unemployment and underemployment is crucial. It reflects a strengthening job market.
It shows that more people are finding work. This boosts the economy and improves lives. It’s a positive sign for Brazil’s economic health.
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