Brazil's unemployment rate hits record low; job creation tops estimates

SAO PAULO/BRASILIA, Dec 30 (Reuters) - Brazil's unemployment rate fell in the three months to November to its lowest level since the current data series began in 2012, while formal job creation last month came in above estimates, official data showed on Tuesday.

The labor market in Latin America's largest economy has shown resilience this year, despite the benchmark interest rate being at a near 20-year high of 15% as the central bank seeks to tame persistent inflation.

JOBLESS RATE

• The unemployment rate hit 5.2% in the September-November period, government statistics agency IBGE said.

• That was down from 5.6% in the previous quarter and below the 5.4% expected by economists in a Reuters poll.

JOB CREATION

• Brazil created a net 85,864 formal jobs in November, data from the Labor Ministry showed later in the day.

• That exceeded the 75,000 expected by economists, but landed below the 106,133 recorded in November last year.

• It was the weakest monthly job creation figure since March and the lowest for November since a methodology change in 2020, according to adjusted data.

ADDITIONAL CONTEXT

• Brazil's central bank said earlier this month that the labor market remains very tight , but is showing early signs of a slowdown.

• Positive job indicators have been welcomed by the government, but cited by central bank policymakers as a factor contributing to inflationary pressures.