SAO PAULO, Nov 30 Reuters - Brazil's unemployment rate fell to 12.6% in the three months to September from 14.20% in the second quarter, a larger drop than the market had expected, according to statistics agency IBGE on Tuesday.
The median unemployment rate was projected to be 12.7%, according to the median forecast from a Reuters poll.
The unemployment rate in Brazil was the lowest since the first quarter of 2020, and the unemployment rate was 12.4%, according to the latest reading.
Adriana Beringuy, IBGE coordinator, said that the continuation of a process of recovery is in a gradual way. There was a significant growth in work in the third quarter, which allowed for a reduction in the unemployed population. Beringuy said something.
The number of jobless people fell by 9.3% compared to the three month period ending in June, to 13.5 million people, according to IBGE. The number of people with jobs increased by 4% to 93 million at the same time, according to IBGE.
Brazil's job market is still reeling from the effects of the COVID-19 pandemic.
Despite the slight improvement, IBGE still believes that there is a high rate of informality in the Brazilian job market. The latest data shows that there were 38 million informal workers in the third quarter.