Itaú BBA - Seasonally-adjusted unemployment remains stable at 12.0%

Macro Brazil

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Seasonally-adjusted unemployment remains stable at 12.0%

noviembre 29, 2019

The underemployment rate continues to recede, standing now at 24.1% with seasonal adjustment.


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

 

  The unemployment rate reached 11.6% in October, in line with market expectations and our forecast (both at 11.6%). Using our seasonal adjustment, the unemployment rate remained stable at 12.0%.

  Despite the acceleration in formal job creation (CAGED), the unemployment rate has been stable at historically high levels in recent months. This is explained by the ongoing slowdown in informal job creation. We believe this trend will continue, therefore we forecast a gradual decline in the unemployment rate.

  The underemployment rate continues to recede, standing now at 24.1% with seasonal adjustment.


 

Luka Machado Barbosa
Matheus Felipe Fuck


 



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