Brazil’s unemployment rate in the third quarter hit a record high of 14.6%
On November 27, local time, the statistics published by the Institute of Geography and Statistics (IBGE) under the Brazilian Ministry of Economy showed that in the third quarter, Brazil increased by 1.3 million unemployed people, the total unemployed population reached 14.1 million, and the unemployment rate reached 14.6%.
This figure set a record for the Institute of Geography and Statistics since it started statistics in 2012.
△From June 2019 to September 2020, the average unemployment rate in Brazil every three months (Image source: Brazilian Institute of Geography and Statistics)
Statistics from the Brazilian Institute of Geography and Statistics also show that the number of people employed in Brazil fell to 82.5 million in the third quarter of this year, an overall decrease of 1.1%, reaching the lowest level in history. Taking into account the performance of the labor market, Brazil lost 11.3 million jobs in 12 months.
The unemployment rate for young people aged 18 to 24 reached 31.4%, which is higher than other working age groups. Compared with the same period in 2019, the total income of the working population fell by 4.9%.
According to the employment and unemployment statistics released by the agency the day before, the Brazilian economy created nearly 395,000 jobs in October. This is the fourth consecutive month that the number of employed people has exceeded the number of layoffs.
Experts believe that although the labor market driven by the Brazilian economy has rebounded recently, it still cannot offset the negative impact of the previous epidemic on the labor market.