Unemployment May Rise Slightly

BRAZIL ECONOMICS - Report 29 Jul 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Explaining the behavior of unemployment in Brazil in recent years has been a challenge. It rose only slightly during the crisis of 2008, when Brazil faced a recession, and for the past year and a half it has remained roughly stable in seasonally adjusted terms (Graph 1), even with the progressive deceleration of GDP growth. The small rise during the crisis is explained because the recession only lasted two quarters, and the contraction was very small in the service sector, which not only accounts for a much greater share of GDP than industry, but is also the leading sector in terms of jobs....

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