IBGE: unemployment stands at 7.6% in the quarter up to October – 11/30/2023 – Market

Brazil’s unemployment rate fell to 7.6% in the quarter up to October, the IBGE (Brazilian Institute of Geography and Statistics) indicated this Thursday (30).

On the median, financial market analysts projected 7.6%, according to the Bloomberg agency. The rate was 7.9% in the quarter up to July, the most recent in the comparable historical series of Continuous Pnad (Continuous National Household Sample Survey).

With the new result, the unemployed population in Brazil fell to 8.3 million by October, said the IBGE. The number was 8.5 million as of July.

The working population (100.2 million) renewed the record of the historical series started in 2012 and surpassed 100 million workers for the first time.

Pnad covers both the formal and informal labor markets. In other words, it evaluates everything from jobs with a formal contract and CNPJ to popular side jobs.

In the quarter up to September, which is part of another series of the survey, the unemployment rate was already 7.7%. The number of unemployed people was 8.3 million in the same period.

The population considered unemployed by official statistics is made up of people aged 14 or over who are unemployed and continue to look for opportunities. Those who are not looking for vacancies, even without having a job, are not part of this contingent.

The data released this Thursday does not yet reflect possible impacts of the 2022 Demographic Census. The census is the basis for updating the population sample used in PNAD.

The IBGE stated in October that it plans to carry out this review in 2024. The Census estimated a population of 203.1 million in Brazil by July 31, 2022, below recent projections used by PNAD.