Brazil Unemployment Rate Hits Record High to 14.6%

The rate of unemployed in Brazil rose to an all-time high to 14.6% from 14.4% through the three months to August, where the number of the unemployed rose to 14.1 million from 13.8 million, said Brazilian Institute of Geography and Statistics (IBGE).

Official figures on Friday showed that the number of Brazilians that are completely out of the workforce and the underemployment rate remained near record levels, while others with jobs remained near record lows.

IBGE added the workforce of 96.5 million people was 1 million higher from the three months to August, yet, 9.8 million less than the same period last year.

On the other hand, the number of the employed reached 82.5 million, down 11.3 million, over the same period last year.

The agency said only 47.1% of people of working age were employed in the three months to September, down 7.7%, year-on-year.

Up to 78.6 million people were completely out of the workforce, the institute said, slightly down from the three months to August, yet, with an increase of 13.7 million, over the same period last year.

It pointed out that the number of Brazilians officially unemployed rose to 14.1 million, and the number of unemployed registered 33.2 million, recording an underemployment rate of 30.3%.

Figures on Thursday showed that a record net 395,000 formal jobs were created in October. The dominant services sector, which had been hardest hit by social distancing measures, led the charge with a net 157,000 new jobs.

Data revealed that 395,000 net official jobs were created in October, due to the easing of precautionary measures, mainly in the service sector, which has been hardest hit by the pandemic, yet, created 157,000 new jobs.