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Quotes from Barclays Capital:
- Brazil unemployment rate surprised markets to the downside in March,printing at 5.0%, below our and market expectations (Barclays and consensus: 5.4%). In seasonally adjusted terms unemployment also moved down, reaching 4.8% from 5.0% in the previous month.
- Real wages marginally improved in March(+0.1% m/m sa), though not enough to reverse the 0.5% drop in February, leading thereal wage bill to decline for the second consecutive month (-0.1% m/m sa from -0.8% in February).
- In annual terms, the real wage bill increased butis still soft compared to previous year, despite having risen to 3.0%, from 2.2% in the previous month. Although labor markets remains tight, soft real wage bill growth rates should keep consumption at bay.
