Unemployment falls in three states in the 3rd quarter; SP stands out – 11/22/2023 – Market

The reduction in Brazil’s unemployment rate was accompanied by statistically significant declines in just three states in the third quarter of this year, compared to the three immediately previous months.

This is what data released this Wednesday (22) by IBGE (Brazilian Institute of Geography and Statistics) indicates. According to the agency, unemployment rates decreased in São Paulo (7.8% to 7.1%), Maranhão (8.8% to 6.7%) and Acre (9.3% to 6.2%).

Only in Roraima there was growth (from 5.1% to 7.6%). In the other 23 units of the federation, rates remained stable, said the IBGE.

According to Adriana Beringuy, coordinator of Work and Income at IBGE, the result in São Paulo was fundamental for the national result in the third quarter.

On average in Brazil, unemployment fell to 7.7% in the third quarter, the lowest level for this period since 2014, according to figures released by IBGE on October 31st. Unemployment was at 8% in the second quarter.

With the new result, the unemployed population in the country fell by 8.3 million in the third quarter. The data is part of Pnad Contínua (Continuous National Household Sample Survey), which investigates everything from jobs with a formal contract and CNPJ to popular odd jobs.

In official statistics, the unemployed population is made up of people aged 14 or over who are unemployed and continue to look for jobs. Those who are not looking for opportunities, even without having a job, are not included in this number.

In Brazil, the population engaged in some type of work reached 99.8 million in the third quarter. It is the record in the Pnad historical series, with data from 2012.

According to economists, national data signaled a heated job market, still under the impact of the higher-than-expected performance of economic activity in the first half of the year.

The slowdown in GDP (Gross Domestic Product) expected for the second half of the year would not have caused major impacts so far, but is seen as a warning sign by analysts.