(Bloomberg) -- Brazil’s unemployment rate fell for a third consecutive month in June, as a hot job market gives central bankers more reason to keep double-digit interest rates unchanged later on Wednesday.
Official data released Wednesday showed the unemployment rate fell to 6.9% from a month earlier, matching the median estimate from analysts surveyed by Bloomberg. Some 7.5 million people were jobless in the period.
What Bloomberg Economics Says
“Brazil’s labor market continued to tighten in June and wage gains remained strong. That will keep the central bank alert for possible inflationary pressures, especially in the services sector. The data don’t change our expectation for a rate hold on Wednesday, but policymakers may adopt a more hawkish tone in their post-meeting statement.”
— Adriana Dupita, Brazil & Argentina economist
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--With assistance from Giovanna Serafim.
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