Brazil's Unemployment Rate Hits Record Low

Brazil's unemployment rate reached a record low of 6.2% in the quarter ending October, marking the lowest level since tracking began in 2012, with 6.8 million individuals unemployed, down 8% from the previous quarter. The employed population hit a record high of 103.6 million, reflecting a 1.5% increase from the previous quarter. However, formal job creation showed a decline, with only 132,714 jobs added in October, a 30.3% decrease compared to October 2023. The Brazilian government, led by President Luiz Inacio Lula da Silva, celebrated the figures, although concerns over inflation and high interest rates persist as the central bank tightens monetary policy. Labor Minister Luiz Marinho attributed the slowdown in job creation to high interest rates and called for better collaboration from the Central Bank. The average monthly income also rose to BRL 3,255, indicating slight wage growth amidst these changes.