Unemployment rate in Brazil drops to 6.2 percent, lowest since 2012
Date
12/2/2024 3:14:39 AM
(MENAFN) Brazil's unemployment rate dropped to 6.2 percent in the August-October period, marking the lowest level since 2012, according to data released by the Brazilian Institute of Geography and Statistics (IBGE) on Friday. This significant improvement reflects the ongoing recovery in the country’s labor market, which has been gradually rebounding since the pandemic’s severe impact in 2020. IBGE highlighted that while there was a recovery between 2017 and 2019, the pandemic led to a sharp contraction, but the labor market has been steadily recovering, particularly since 2022.
Despite the overall decrease in unemployment, the country still faces a high number of unemployed individuals, with a record high of 103.6 million people out of work. This figure represents an increase of 1.5 percent from the previous three months and a 3.4 percent rise from the same period a year earlier, indicating that while unemployment is decreasing, there are still challenges in fully reintegrating individuals into the labor force.
In terms of wages, the IBGE also reported a slight increase in average real wages. During the quarter, average wages rose by 0.8 percent, reaching 3,255 reais (approximately 545 U.S. dollars). While this marks a positive development for workers, it highlights that wage growth remains modest in relation to overall economic conditions.
This mixed picture of falling unemployment but high levels of joblessness and modest wage growth reflects the complex nature of Brazil’s economic recovery, as it continues to overcome the lasting effects of the pandemic while striving for further labor market improvements.
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