FX.co ★ Brazil Unemployment Falls in July

Brazil’s unemployment rate fell to 5.3% in the rolling quarter ended July 2026, down from 5.8% in the previous quarter and in line with market expectations. This was the lowest level since December 2025. The number of unemployed people declined 8.0% to 5.8 million, while the employed population rose 1.0% to a record 103.3 million. Formal private-sector employment also hit an all-time high of 39.4 million, pushing total private-sector employment to 53.2 million. The composite underutilization rate decreased to 13% from 13.8% in the previous quarter, and the number of people working fewer hours than they would like remained broadly stable at 4.2 million. Meanwhile, average real monthly earnings were virtually unchanged at R$3,762.