FX.co ★ Brazil Unemployment Rate Holds at Tight Range

Brazil’s unemployment rate averaged 5.4% in the moving quarter ended January 2026, unchanged from the moving quarter ended October 2025 and in line with market expectations. It was the lowest rate on record for this period, reinforcing the view that Brazil’s labor market remained tight at the turn of the year despite a prolonged period of high benchmark interest rates and slower economic growth. The number of unemployed people was broadly stable compared with the previous moving quarter, at 5.9 million, while the employed population also held virtually steady at 102.7 million. Meanwhile, average wages rose 2.8% on the quarter to R$3,650 per month, equivalent to an annual increase of 5.4%, outpacing inflation over the period.