Itaú BBA - Unemployment rate declines in May

Macro Brazil

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Unemployment rate declines in May

junio 28, 2019

Notwithstanding the latest decline, unemployment remains high by historical standards.


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

Brazil’s nation-wide unemployment rate receded to 12.3% in the quarter ended in May from 12.7% one year earlier, according to national household survey PNAD Contínua. The reading matched our estimate and the median of market expectations. 

Seasonally-adjusted unemployment slid 0.1 p.p. to 11.8%.

The real wage bill expanded 2.4% yoy in the quarter ended in May.


Luka Barbosa
Alexandre Gomes da Cunha
Matheus Felipe Fuck



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