Brazil’s unemployment rate fell to 5.4% in the moving quarter to October 2025, from 5.6% in the previous period, the lowest level in the series beginning in 2012 and slightly below expectations of 5.5%. The unemployed population dropped 3.4% to 5.9 million, also a record low. Employment increased in construction (up 2.6% or 192,000 people) and in public administration (up 1.3% or 252,000), while other services declined 2.8% or 156,000. The underutilization rate remained at a series low of 13.9%, with 15.8 million people underutilized, the lowest since late 2014. The informality rate held at 37.8% of the workforce, or 38.8 million workers. Average real earnings reached a record R$3,528.