Itaú BBA - Higher-than-expected unemployment in January

Macro Brazil

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Higher-than-expected unemployment in January

febrero 27, 2019

Unemployment drops only 0.1 p.p. over 12 months amid weak economic growth

For the version with all charts and tables, please open the attached pdf file
 

• According to the national household survey (PNAD Contínua), Brazil’s nation-wide unemployment rate climbed to 12.0% in the quarter ended in January from 11.6% in December. The reading was in line with our estimate and somewhat higher than the median of market expectations (11.9%). 

• Unemployment is just 0.1p.p. lower than one year earlier, amid weak economic growth.

• The real wage bill expanded 1.9% yoy. 
 

Artur Manoel Passos
 

For the version with all charts and tables, please open the attached pdf file



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