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Unemployment Rises to 7.2% in Brazil But Picture Is Still Bright

Worker from Brazil Brazil’s employment figures for January have just been released and Brazilians once again seem to have reason to celebrate. One of the bright spots in the Brazilian economy during the international financial crisis of 2009 was the employment picture where there was no spike in unemployment and, most important, employment remained stable).

As can be seen from the latest numbers, that is still true. Brazilian unemployment rose very slightly, 0.4 percentage points, in January, compared to December 2009, reaching 7.2%, according to the government statistical bureau (IBGE). However, compared to January 2009, unemployment is down one percentage point, dropping from 8.2%.

The IBGE reports that the number of unoccupied people rose 6%, up 1.7 million, between December and January.

The occupied population was 21.6 million, up 2.1% compared to January 2009.

The number of registered, on-the-books workers was up 3.5%, compared to January 2009, an increase of 333,000 workers.

Average take home pay (1,373.50 reais) was up 1.1%, compared to December 2009, but down 0.4%, compared to January 2009 (when it was 1,378.74 reais).

Bank of Brazil

The Bank of Brazil registered net profit of 10.15 billion Brazilian reais (US$ 5.6 billion) in 2009, growth of 15.3% over the result for 2008. The figures were disclosed in the city of São Paulo by the organization’s president, Aldemir Bendine.

The bank’s financial reserves totaled 65.3 billion reais (US$ 35.7 billion) in 2009, 11.9% over the total in the previous year. Of this total, 41.7 billion reais (US$ 22.8 billion) came from credit operations, growth of 21% over the 2008 result (R$ 34.5 billion – US$ 18.9 billion).

Machinery

The Brazilian machinery and equipment industry plans to invest 8.9 billion Brazilian reais (US$ 4.9 billion) this year, which represents growth of 20% over last year. This according to the Brazilian Machinery Manufacturers Association (Abimaq).

Last year, the sector invested 7.43 billion reais (US$ 4 billion). In January this year, there was 26.1% reduction in nominal sector revenues when compared to the same period in 2009.

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  • hunh?

    Can someone explain something for me? How is it that there is only 7% unemployment in Brazil, yet when I lived there 3 years ago, it seemed like there were countless people who were marginally employed, or working seasonally, or part-time or in an unofficial capacity? I remember noting how lots of people could hang out on the streets, playing music or partying until 6 AM, apparently not worrying about getting to work on time, since they seemed to be not working. Researchers my wife and I knew would search for a long time, sometimes years, to get a job. So I have to wonder, is this 7% accurate? Does this only reflect those with official jobs, who are still looking for work, but not so many more who work marginally, or not at all? Last week when I asked a Brazilian chemist I know here in the states if he considers returning to Brazil because of the recession here, he scoffed and said he has lots of work options here, and in Brazil, half of his colleagues could not get work. How should I understand the unemployment situation in Brazil? I don’t know this to be true, but my guess is that even with our high unemployment due to the recession, the rate of unemployment in the US is still lower in the US than Brazil, even though it has faired relatively well in the recession. This is just my opinion. Does anyone have any greater information or statistics to clarify this?

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