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Brazil's jobless rate rose for the second straight month and stands at 12.4%

Saturday, March 30th 2019 - 07:55 UTC
Full article 4 comments
Unemployment rose to 12.4% in the three months through February, according to statistics agency IGBE, up from 12% in the three months through January Unemployment rose to 12.4% in the three months through February, according to statistics agency IGBE, up from 12% in the three months through January

Brazil’s jobless rate rose in February for the second straight month, government data showed on Friday, adding to pressure on new President Jair Bolsonaro to reignite a sluggish economic recovery.

Unemployment rose to 12.4% in the three months through February, according to statistics agency IGBE, up from 12% in the three months through January and 11.6% at the end of 2019.

The jobless rate had been mostly falling over the past two years as Brazil emerged slowly from a devastating 2015-16 recession, but it remains far above a low of 6.5% before the crash.

Brazil’s persistently high unemployment reflects a huge degree of slack in the economy, which has kept growth anemic, interest rates at a record low and inflation well contained.

The labor market has shown signs of stirring back to life. The economy added a net 173,139 payroll jobs in February, largely due to gains in civil construction and manufacturing of intermediary goods. That was more than double the same month last year and twice as much as analysts had forecast in a Reuters poll.

Still, economists and policymakers remain cautious. The central bank has warned that stubbornly high unemployment shows the economy is operating well below capacity, a major factor behind policymakers downgrading their assessment of inflation risks this month.

Categories: Economy, Brazil.

Top Comments

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  • Jack Bauer

    Misleading headline....Comparing Feb 2019 vs Feb 2018, unemployment decreased....but that would be good news, which the press is loath to give, so include figures of January 2019, and December 2018, and try to pass off the overall negative result considering the quarter (Dec/Jan/Feb) as the result for February.....

    Mar 31st, 2019 - 10:52 pm 0
  • :o))

    @Jack Bauer

    REF: Comparing Feb 2019 vs Feb 2018, unemployment decreased

    I heard that:
    - Govt-Figures may not always be right [on “purpose”]
    - The lines of the unemployed aren't exactly shortening
    - The Nº of The Tooters on the streets is decreasing + that of The Hooters is apparently on the rise! That's besides the True Indicators of Economic-Improvement:
    - Increase in the sales
    - Tendency to increase in the Nº of industries/companies
    - Tendency in the Price-Increase [due to the demand & not due to inflation]; particularly in the housing-sector
    - Constantly Lowering Exchange-Rate
    - etc, etc, etc.

    Apr 01st, 2019 - 02:34 pm 0
  • Jack Bauer

    @:o))
    Considering that opposition is doing its damndest to screw the government, and the press continues in its stupid, hostile mode, market confidence is being undermined....not surprising when the majority in Congress still believes that the 'old' politics is the way to go...they couldn't care less about Brazil....but they will pay the price of their irresponsibility.

    Apr 01st, 2019 - 05:47 pm 0
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