Brazil’s unemployment rate fell to 12.6% in the quarter between June and August, equalizing the lowest level of the year, according to the national statistics office. Analysts expected a slightly higher jobless rate in the period, of 12.7%.
Compared to the quarter ended in May, when it was at 13.3%, the unemployment rate fell by 0.7 percentage point (pp). However, compared with the June to August 2016 quarter (11.8%), there was a 0.8 pp increase.
The downward move in the level of unemployment started between February and April, after reaching the peak of 2017 (13.7%) in the first quarter of this year.
The unemployed population in Brazil totaled 13.1 million from June to August, representing a 4.8% decrease (658 thousand fewer people) compared to the quarter between March and May. When compared to the same quarter of 2016, however, there was a 9.1% increase (1.1 million people more).
The Brazilian working population totaled 91.1 million between June and August 2017, a 1.5% increase (1.4 million more people) from the quarter between March and May, and 1% higher than in the same period of 2016.
The total figure of workers with a formal contract in the private sector totaled 33.4 million, stable against the March-May quarter, but down 2.2% from a year earlier (minus 765 thousand people).
The Brazilian workers’ average monthly real income was estimated at R$ 2,105 in the quarter ended in August, stable against the previous period and also against the same period of 2016. The total average real income of the employed people in the last three months was estimated at R$ 186.7 billion, also stable against the previous period and also against the same quarter last year.
The material has been provided by InstaForex Company – www.instaforex.com
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