World Economy

13m Brazilians Out of Work

13m Brazilians Out of Work13m Brazilians Out of Work

Unemployment rate in Brazil rose to 12.6% by the end of January, which means around 12.9 million people are out of work, the government announced late Friday.

The Brazilian Institute of Geography and Statistics reported that in the reference period (November-January), the unemployment rate increased compared to the same period last year, when it reached 9.5%, AFP reported.

The indicator also showed a rise over the previous mobile quarter (August-October) when the unemployment rate was 11.8%.

From November to January, the unemployed population was 7.3% higher than those registered between August and October 2016, as well as 34.3% more than in the period from November 2015 and January 2016.

According to IBGE, the average salary of Brazilian workers between November and January was 2,056 reais (about $661).

The growth of unemployment is a product of Brazil’s deep economic recession, which led its economy to contract by 3.8% in 2015.

Meanwhile, unemployment increased more among the youngest members of the population than among other age groups last year, when unemployment reached record levels in Brazil, according to data released by IBGE.

Among workers aged 14 to 17 years of age, the unemployment rate reached 39.7% in the fourth quarter of last year, according to information from National Household Sampling Survey, or Pnad, released on Thursday.

Compared to the end of 2015, the unemployment rate increased 10.9 percentage points in this age group, which has a high concentration of young trainees who work fewer hours per week than the average worker.

For workers aged 18 to 24 years old, a group that includes recent graduates that are entering the labor market for the first time, the unemployment rate reached 25.9% at the end of last year, an increase of 6.5 percentage points since 2015.

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