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Brazil Joblessness Hits Record Low Even as Hiring Cools Off

Commuters wait for a bus outside the Central Bank of Brazil in Brasilia.Photographer: Gustavo Minas/Bloomberg

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By Andrew Rosati and Beatriz Reis

December 30, 2025 at 12:29 PM UTC

Updated on

December 30, 2025 at 5:23 PM UTC

Brazil’s unemployment rate tumbled to a historic low, the latest sign the economy is holding up to hefty interest rates ahead of next year’s presidential election.

Official data released Tuesday showed the unemployment rate fell to 5.2% in November, lower than all 25 estimates from economists surveyed by Bloomberg. It is the lowest level in the data series dating back to 2012, and showed 5.6 million people were out of work.