Employment Still Tight

Brazil's employment dynamics continue to be supportive of private consumption, supporting our view that domestic demand shows little sign of waning for the time being. While May data indicates a slight increase in unemployment to 6.9% from 6.8% in April on a seasonally adjusted basis, we believe that much of this is likely offset by a concomitant rise in employment, by 0.1% month-on-month SA.

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