Brazil’s Jobless Rate Falls to 14.3%, First Decline This Year

Formal job growth has hit record levels recently as the economy recovers from the worst of the COVID-19 pandemic. Tuesday’s data gave the first sign that the broader labor market, including millions of informal workers, may be returning to health.

RIO DE JANEIRO, BRAZIL - Brazil’s unemployment rate fell unexpectedly to 14.3% in the three months through October, official figures showed on Tuesday, December 29th. This was the first decline this year, as the number of people with jobs rose by almost 2 million from the prior three month period.

The 14.3% unemployment rate was down from a record 14.6% in the three months to September, statistics agency IBGE said, and lower than the median forecast of 14.7% in a Reuters poll of economists. The jobless rate ended last year at 11.0%.

Formal job growth . . .

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