Brazil Jobless Rate Falls to 9.1% in 3-Month Period Through July

Brazil’s unemployment rate declined in the three months through July to the lowest level since 2015 as hiring rose in every category measured.

The jobless rate reached 9.1% in the three months through July, from 9.3% in the three months through June and 13.7% in the year-earlier period, the Brazilian Institute of Geography and Statistics, or IBGE said Wednesday.

The number of people with jobs rose to 98.7 million in the three months through July from 98.3 million in the three months through June, while the number of people seeking employment fell to 9.9 million from 10.1 million during the same period.

The strength of Brazil’s labor market has surprised economists repeatedly in recent months, helping boost expectations for economic growth as well. The services sector has been especially strong amid an ongoing post-lockdowns recovery and government programs that have boosted spending power among Brazil’s poorest residents.

By Jeffrey T. Lewis via MarketWatch

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