Brazil Unemployment Rate at Nearly 5-Year High

The jobless rate in Brazil increased for the fifth straight month to 6.70 percent in May of 2015 from 6.40 percent in April, above market forecasts. It is the highest rate since August of 2010.

The number of unemployed persons in six of Brazil’s major metropolitan areas increased to 1.633 million from 1.557 million in April. Meanwhile, employment increased by 19,000 to 22.78 million. Out of those who have a job, 12.2 percent is being paid the minimum wage while 1.8 percent said could work more hours.

The economically active population increased slightly to 24.421 million from 24.327 million in the previous month. Yet, there were 19.264 million people detached from the labour force in May, the same as in April.

Average real wages fell 1.9 percent to BRL 2117.1 compared with April and dropped at a faster 5 percent over a year earlier. In May of 2014, Brazil’s unemployment was recorded at 4.9 percent.

Brazil Unemployment Rate at Nearly 5-Year High

Joana Taborda |
6/25/2015 1:26:18 PM