FX.co ★ Brazil Unemployment Matches Forecasts at 5.4%

Brazil’s unemployment rate fell to 5.4% in the rolling quarter ending in June 2026, down from 6.1% in the previous three‑month period. The figure was in line with market expectations and represents the lowest level since January. The number of unemployed people declined 10.9% from the previous quarter, to 5.9 million.

Job creation was driven mainly by the transportation, storage and postal sector, where employment grew 3.9%, and by public administration, education and health services, which saw a 2.6% increase.

The broader labor underutilization rate dropped to 12.9% from 14.3%, while the number of underemployed workers fell 6.6%, to 4.1 million. Overall employment rose 1.1% to a record 103.1 million people, pushing the employment rate up to 58.8% from 58.2%.

Despite the stronger labor market, average real monthly earnings were unchanged from the previous quarter, at BRL 3,738.