Itaú BBA - Seasonally-adjusted unemployment declines to 11.7%

Macro Brazil

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Seasonally-adjusted unemployment declines to 11.7%

diciembre 27, 2019

Unemployment remains high by historical standards


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

 

  The nation-wide unemployment rate reached 11.2% in November, printing below the median of market expectations and our estimate (both at 11.4%). Using our seasonal adjustment, unemployment slid 0.2 p.p. to 11.7%.

 The underemployment rate reached 23.3%, the lowest since January 2017. The seasonally-adjusted figure fell 0.3 p.p. to 23.8%.

 The real wage bill expanded 3.0% yoy and 1.3% qoq. 
 

Luka Machado Barbosa
Matheus Felipe Fuck


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



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