Data release: 09/30/2022
Between June and August 2022, the unemployment rate reached the level of 8.9%, in line with market expectations.
- The employees with a formal contract grew 1.1% in the quarter and 9.4% compared to the last year, while informal workers grew 2.8% in the quarter and 16% in the year.
- In occupation by sector, highlight for Other Services (22.7% YoY), Accomodation and Food (14.2% YoY) and Trade and Repair of Motor Vehicles (10.4% YoY).
- Real income went from -2.9% YoY to -0.6% YoY. In nominal terms, the income went from 8% YoY to 9.5% YoY. Finally, the real wage increased from 6.1% to 7.7%.
View: this result shows the resilience of the job market, in line with CAGED results – with brings data relating to formal employment relationships. In the short term, the prospect of tightening the labor market continues to be debated, but many analysts say the neutral rate of unemployment, at the moment, is close to 8.5%, showing that the current rate has not reached those levels.
