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The unemployment rate in Brazil fell to 5.2% in the moving quarter ending in November of 2025, a record low, dropping from the 5.6% in the three months to August and compared to expectations of a softer decrease to 5.4%. The data extended the period of a strengthening Brazilian labor market despite elevated real interest rates faced by consumers and businesses, adding room for the central bank to remain hawkish should the country's disinflation progress stall. Net unemployment fell 7.2% from the previous moving quarter to 5.6 million, the lowest on record. In the meantime, net employment rose 0.6% to 103 million, also a record high. The underutilization rate fell by 0.6 percentage points to a fresh low of 13.5%. In the meantime, average wages rose by R$65 to R$3,547 monthly.