Last week Brazil hit record-low unemployment of 4.7 percent (or 5.5 percent, seasonally-adjusted). But almost all of the jobs created in the last three months were in the business services, finance and real estate. This is remarkable: that sector comprises only 16.9 percent of all jobs.
Meanwhile, industry and commerce – sectors that have traditionally been drivers of job growth – have actually lost jobs for two quarters in a row. This is the first time that industry has lost jobs outside of a recession since 2006.
For a more in-depth analysis, read our latest Latin America Data Byte.