Unemployment rate drops to 9.3% in Q2, better than expected

The unemployment rate in Brazil fell to 9.3% in the second quarter, the lowest level for the period since 2015 (when it was 8.4%). The result is better than expected by the market, as the Refinitiv consensus projected a vacancy rate of 9.4%.

As a result, the number of unemployed (unemployed population) dropped 15.6% in the quarter, to 10.1 million people (which represents 1.9 million fewer people looking for work in the country). In the annual comparison, the drop is 32% (4.8 million fewer people).

The unemployment rate dropped 1.8 percentage points compared to the first quarter (11.1%) and 4.9 pp compared to the second quarter of 2021 (14.2%).

The data are from the Continuous National Household Sample Survey (PNAD Continuous) and were released this Friday (29) by the Brazilian Institute of Geography and Statistics (IBGE).

The number of employed persons was a record in the historical series, started by the IBGE in 2012 (98.3 million). The number represents an increase of 3.1% in the quarterly comparison (more 3 million people) and of 9.9% in the annual comparison (more 8.9 million).

The level of employment (percentage of employed persons in the working age population) was estimated at 56.8%, an increase of 1.6 pp in the quarter and 4.7 pp in the year. It is the highest level for a quarter ending in June since 2015 (when it stood at 57.4%).

High informality and lower income

The informality rate was 40.0% of the employed population, against 40.1% in the previous quarter and 40.0% in the same quarter of 2021. The number of informal workers reached 39.3 million, a record in the historical series of the indicator (started in 2016).

The usual real income (R$ 2,652) was stable compared to the previous quarter, but was 5.1% lower than in the same period of 2021. The usual real income mass (R$ 255.7 billion) grew 4, 4% compared to the previous quarter and 4.8% in the annual comparison.

(This report is being updated)

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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