Reuters reported that Brazil’s jobless rate fell unexpectedly in May, suggesting the labor market has remained largely immune to flagging growth in Latin America’s largest economy.

Brazil’s jobless rate fell to 5.8 percent in May from 6.0 percent in April, government statistics agency IBGE said on Thursday. It is the lowest unemployment rate on record for May since the data series began in 2002, according to IBGE.

The economic recovery, which has been slower than anticipated, has not created negative surprises in the labor market, though this risk remains.

On the graph above (from Itau BBA), please note how construction jobs took a hit from April to May… that may tell us something about the real estate market in Brazil.

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