As the pandemic recedes and restrictions in Brazil all but disappear, the country’s economy continues to improve. The most recent jobs report shows that the unemployment rate has dropped from 11.6 to 11.1 percent between November and December — hitting its lowest level in two years.
The result came in above market expectations, with the median forecast of analysts surveyed by newspaper Valor sitting at 11.2 percent.
Still, the average monthly earnings of Brazilian workers continue at historically low levels, at BRL 2,447 (USD 476). That is slightly higher than in November, but still 15 percent below September 2020 levels.
Improving unemployment data is helping President Jair Bolsonaro, who is starting to reverse massive levels of rejection from voters. As economic expectations improve, so does government approval. Columnist Luciano Sobral wrote today on The Brazilian Report that “certain economic tailwinds could put President Bolsonaro right back into contention” in the 2022 election race.
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