Itaú BBA - Seasonally-adjusted unemployment recedes to 11.8%

Macro Brazil

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Seasonally-adjusted unemployment recedes to 11.8%

agosto 30, 2019

Unemployment remains high by historical standards


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

• Brazil’s nationwide unemployment rate reached 11.8% in the quarter ended in July, printing below our estimate and market expectations (both at 11.9%). Using our seasonal adjustment, unemployment slid to 11.8% in the quarter ended in July, down 0.1 p.p. from 2Q19.

• The underemployment rate rose to 24.6%, up 0.2 p.p. from July 2018. In seasonally-adjusted terms, the rate fell to 24.5%, down 0.1 p.p. from 2Q19.

• The real wage bill expanded 2.2% yoy and 0.2% qoq/sa. 
 

Luka Machado Barbosa
Alexandre Gomes da Cunha

Matheus Felipe Fuck

 

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



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