(MENAFN) According to data released by the Institute of Geography and Statistics (IBGE), Brazil's unemployment rate rose to 8.6 percent during the December-February period. This represents a 0.5 percentage point increase from the preceding three-month period of September-November 2022, when it stood at 8.1 percent.
Despite the increase, the unemployment rate came in lower than market estimates of 8.8 percent. During the December-February period, the unemployed population stood at 9.2 million, an increase of 5.5 percent, or 483,000, from the previous quarter. However, on an annual basis, the figure dropped 23.2 percent, or 2.8 million, from the same period of the previous year.
The number of employed people fell to 98.1 million, a decline of 1.6 percent, or 1.6 million people, compared to the previous quarter. The COVID-19 pandemic has had a significant impact on Brazil's labor market, with many businesses forced to shut down or reduce operations, leading to job losses.
The Brazilian government has implemented a range of measures to mitigate the impact of the pandemic on the economy and the labor market. These include financial assistance to individuals and businesses, tax breaks, and measures to boost employment.
While the increase in the unemployment rate is a cause for concern, the fact that it came in lower than market estimates may provide some relief to policymakers and businesses. However, there is still much work to be done to address the underlying issues contributing to Brazil's high unemployment rate and to support the country's economic recovery.
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