Itaú BBA - Unemployment is virtually unchanged in October

Macro Brazil

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Unemployment is virtually unchanged in October

noviembre 29, 2018

Formal jobs hasn't shown an improvement yet


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

According to the national household survey (PNAD Contínua - IBGE), Brazil’s nation-wide unemployment rate receded to 11.7% in the quarter ended in October from 11.9% in the quarter ended in September.

Using our seasonal adjustment, unemployment remained virtually stable at 12.1%, as gains in informal employment (non-registered jobs in the private sector and self-employment without a corporate tax ID) offset a higher participation rate and a decline in formal employment.

The real wage bill expanded 0.7% qoq/sa, driven by higher employment, while real wages remained virtually stable.
 

Artur Manoel Passos
Alexandre Gomes da Cunha
 

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



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