Itaú BBA - Seasonally-adjusted unemployment rises to 12.0%

Macro Brazil

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Seasonally-adjusted unemployment rises to 12.0%

septiembre 27, 2019

The underemployment rate reached 24.3%, matching the August 2018 reading.


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

 

  Brazil’s nationwide unemployment rate reached 11.8% in August, above the median of market expectations and our estimate (11.6% and 11.7%, respectively). Using our seasonal adjustment, unemployment rose to 12.0% from 11.9%.

 The underemployment rate reached 24.3%, matching the August 2018 reading. In seasonally-adjusted terms, the rate fell for a second consecutive month to 24.3% (-0.1 p.p.).

 The real wage bill expanded 1.8% yoy and 0.4% qoq. 


 

Luka Machado Barbosa
Alexandre Gomes da Cunha
Matheus Felipe Fuck



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