Brazil’s three-month unemployment rate held steady at 5.3% in August, in line with expectations

⑴ Brazil’s rolling quarterly unemployment rate as of August 2026 was 5.3%, unchanged from the previous quarter and in line with market expectations. ⑵ This is the lowest level since December 2025. The number of unemployed people fell 4.9% year-on-year to 5.8 million. ⑶ The number of formally contracted employees in the private sector, excluding domestic workers, stood at 39.5 million, the highest level on record, remaining generally stable both quarter-on-quarter and year-on-year. ⑷ The composite underutilization rate was 13.1%, also generally stable. The population working fewer hours than desired declined 6.2% year-on-year to 4.3 million, while the discouraged population dropped 11.9% to 2.4 million. ⑸ The informal employment rate was 37.5%, equivalent to 38.8 million workers. The average real monthly income remained largely stable at 3,777 reals.