Brazil Unemployment Falls More Than Expected as Economy Reopens

(Bloomberg) -- Brazil’s unemployment fell more than expected as Latin America’s largest economy continued to reopen and local vaccination campaigns advanced.

The jobless rate decreased to 14.1% in the three months through June, down from 14.6% previously, the national statistics institute reported on Tuesday. The print came in lower than the 14.4% median estimate from analysts surveyed by Bloomberg. 

Formal employment has recovered faster in recent months as mobility increases and businesses resume their normal operations following a coronavirus surge earlier this year. Still, policy makers have expressed concern over a sluggish recovery in the informal sector, which accounts for about 40% of Brazil’s labor market.

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