Itaú BBA - Unemployment rate below expectations due to declining workforce

Macro Brazil

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Unemployment rate below expectations due to declining workforce

abril 30, 2020

Drop in the workforce prevents higher unemployment


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

 

 The unemployment rate reached 12.2% in March, below expectations (market: 12.5%, our call: 12.7%), because of the drop in the workforce.

 Employment declined by 1.1% mom seasonally-adjusted, the average real wage increased 0.3%, and the real wage bill declined 0.2% (+1.5% yoy).

 

Luka Machado Barbosa
Matheus Felipe Fuck


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



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