Brazil's Unemployment Rate Drops to 6.8% in July, Lowest in 11 Years

Brazil's unemployment rate fell to 6.8% in the quarter ending in July, marking a significant drop according to data released by the Brazilian Institute of Geography and Statistics (IBGE) on Friday (30th). This figure represents the lowest unemployment rate for this period since the historical series began in 2012.

The IBGE report highlights a decrease of 1.1 percentage points compared to the same quarter in 2023, when the unemployment rate stood at 7.9%. Compared to the previous quarter, from February to April, there was a decline of 0.7 percentage points.

The number of unemployed individuals fell to 7.4 million in the quarter ending in July, the lowest level since the quarter ending in January 2015. The unemployment rate dropped by 9.5% compared to the period from February to April, reflecting a reduction of around 783,000 people. Compared to the same period last year, the decline was even more significant, at 12.8%, with approximately 1.1 million fewer people unemployed.