On July 31, Brazil woke up to positive unemployment numbers, with the rate of people out of work dropping from 12.3 to 12 percent. It may not seem much—and it isn’t—but in an economy struggling to get back on its feet after its worst recession on record, even slight progress is a reason for celebration. This was the fourth consecutive month with lower unemployment, a positive trend that started in March 2019 when the unemployment rate was at 12.7 percent. The total number of unemployed workers has also gone down by 4.6 percent. Nevertheless, the figures are still high, with some 12.8 million people out of a job.
On the same day the unemployment data was published, the Central Bank lowered Brazil’s benchmark interest rate to a record low of 6...
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