Good news on the Labor Market Report from IBGE in March. The survey covers the six main metropolitan areas, and includes formal and informal jobs. Demand is higher of course as the economy in Brazil is expected to keep going up in the next months.
Unemployment rate is the lowest level since 2002, at 7.1%. A total of 57 thousand new jobs were created (with seasonal adjustment); much lower than February’s 209 thousand, but still above the historical average.
Total employment in construction is up 10.5% yoy. The average real wage rose 0.6% in March and seems to be on a rising trend. Total income (average wage times employed population) is now rising at a 3-month average pace of 1%, the highest in 18 months. In fact, total real income is now up 5.3% yoy.