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The unemployment rate in Brazil fell to 6.2% in the three months to October 2024, the lowest level on record, compared to 6.4% in the previous period and matching forecasts. The data reinforced the trend of a strengthening labor market, bolstering the case for tighter monetary policy by the Brazilian central bank this year. However, it also heightened uncertainty regarding the policy direction of the new monetary policy committee set to take office in 2025, which is expected to adopt a more dovish stance. The number of unemployed persons went down by 8% to 6.8 million and the number of employed went up 1.5% to hit a fresh record high of 103.6 million. Meanwhile, the real regular income remained stable over the quarter at BRL 3,255 but increased by 3.9% year-on-year.