Property in Brazil

Brazil`s Unemployment Lowest On Record at 5.2%

RIO – Brazil´s unemployment rate hit a Record low of 5.2% in November, compared to 5.8% in October and 5.7% in November 2010, according to the goverment´s Bureau of Geography and Statistics (IBGE.) IBGE surveys six major urban centers around the country every month to derive the figures in a series that began this methodology in 2002. This is the lowest reading ever in this series.

A previous projection based on a poll of analysts called for a figure in the range of 5.50% to 6%, with a median value of 5.7%, 0.5% more than the actual 5.2%.  Cimar Azeredo, who heads the study, says that there was also a record in the number of persons active in the workplace at 54,3% of the working age population, another all time record for the time these figures have been tracked.

Azeredo said that the chief factors were seasonal with the year end pickup in activity, in particular in civil construction and outsourced services to companies.

Azeredo also noted that workers´ wages were up 0.1% in November v. October and 0.7%  v. November 2010. Actual wages earned by all employed persons totaled R$37.4 Billion 0.6% ahead of October and 2.2% better than November 2010.