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Brazil’s unemployment rate averaged 7.8% in the three months leading to February of 2024, in line with market estimates, and rising from the 7.5% average in the moving quarter ending November of 2023. The figures still point to a tight labor market compared to levels since the post-2015 crisis, but underscored the trend of softening since the fourth quarter of 2023. The unemployed population rose by 332 thousand people to 8.5 million, while the employed population was relatively unchanged at 100.25 million. Still, average wages rose by 1.1% from the earlier moving quarter to R$ 3.110 thousand.