Brazil Unemployment Rate

The unemployment rate in Brazil fell to 6.2% in the final quarter of 2024, easing from the 6.4% in the third quarter, but slightly ahead of market expectations of 6.1%. Additionally, the result marked an increase from the record low unemployment rate of 6.1% in the moving quarter ending in November, the first monthly increase since the March quarter, indicating that the strength in the Brazilian labor market may have reached its limit. The unemployed population was at 6.8 million in the final quarter, remaining relatively stable from the third quarter. In turn, the number of employed individuals rose by 0.8% from the previous quarter to 103.8 million, driving the employment rate to 58.7%. In the meantime, real wages rose by 1.4% to R$3,315.