Unemployment rate in Brazil drops to 6.8 percent in May-July period

(MENAFN) Brazil's unemployment rate dropped to 6.8 percent for the May-July period, according to data released by the Institute of Geography and Statistics (IBGE) on Friday. This represents the lowest unemployment rate for any quarter ending in July since 2012. The rate aligns with market expectations and shows a significant improvement from the 7.5 percent unemployment rate recorded in the February-April quarter. The decrease of 0.7 percentage points highlights a notable reduction in joblessness over the past few months.

When compared to the same period last year, the latest unemployment rate reflects a decrease of 1.1 percentage points from the 7.9 percent recorded during May-July of the previous year. This annual decline underscores a positive trend in the Brazilian labor market, as the country continues to see improvements in employment conditions. The latest figures indicate a strengthening job market and an ongoing recovery from previous economic challenges.

According to the IBGE, the number of unemployed individuals in Brazil was 7.4 million for the three-month period ending in July, down by 783,000 compared to the same period in 2023. This reduction in unemployment figures represents the lowest number of unemployed people since the quarter ending in January 2015. The significant drop in the unemployment count reflects the impact of recent economic policies and job creation efforts.

In addition to the lower unemployment rate, the employed population reached a record high of 102 million during the May-July period. This marks the highest level of employment recorded since the IBGE began tracking these statistics in 2012. The increase in the number of employed individuals highlights a robust labor market and suggests continued economic growth and stability in Brazil.

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