SAO PAULO, March 28 (Reuters) - Brazil's jobless rate rose in the quarter through February, official data showed on Friday, matching economists' expectations in a Reuters poll.
Unemployment in Latin America's largest economy hit 6.8% in the three months through February, statistics agency IBGE said, up from the 6.1% registered in the previous rolling quarter that ended in November.
It is the highest reading since the three months up to July 2024, when it was also 6.8%.
Analysts at JPMorgan say the interpretation of the weakening to growth trend demands caution, as the Carnival holiday, which influences the labor market, was in early March this year instead of mid-February.
"While there was a slowdown in job creation at the turn of the year, Brazil’s labor market remains just as tight as it was six months ago," they said in a note to clients.
According to IBGE's household surveys coordinator Adriana Beringuy, the latest increase follows the seasonal pattern of the survey.
"(There is a) tendency of expansion in job seeking during the months of the first quarter of each year," she said in a press release.
Brazil's jobless rate in recent quarters had fallen to historic lows, cheered by the government but also cited by the central bank as a factor in its interest rate hikes amid increased consumer prices.
The central bank raised interest rates last week by 100 basis points to 14.25% - a high not seen since 2016 - and signaled a smaller increase to come in May.
In recent weeks, a string of have showed signs of a slowdown in the Brazilian economy.
Reporting by Isabel Teles and Camila Moreira; Writing by Andre Romani; Editing by Kylie Madry and Mark Porter
Source: Reuters