Brazil’s Unemployment Rate Rose Sharply

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The FINANCIAL — Brazil’s national unemployment rate rose sharply in the May to July period and wages declined, as the economy likely continued to deteriorate, according to Nasdaq.

Joblessness rose to 8.6% in May to July from 8% in the previous three-month period and 6.9% a year earlier, the Brazilian Institute of Geography and Statistics, or IBGE, said on September 29. Average monthly wages fell to 1,881 Brazilian reais, the lowest level, adjusted for inflation, since the September to November period of 2014.

The data released on September 29 were from a new, nationwide unemployment survey, known as PNAD, that the IBGE is currently phasing in. The old survey, which will be phased out after this year, only collected data from six major metropolitan areas.


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