Brazil Unemployment Hits Record Low Ahead of Presidential Election

The Brazilian Institute of Geography and Statistics reported Tuesday that Brazil's unemployment rate remained at a record low of 5.3 percent for the three months ending in August. This figure is the lowest for that period since the current methodology was established in 2012 and represents a 0.3 percentage point decrease compared to the previous year.

Job growth was primarily driven by the construction and industry sectors, which grew by 4.1 percent and 2 percent, respectively, relative to the three months ending in May. Informal employment remained stable at 37.5 percent.

These economic figures provide a boost for Luiz Inacio Lula da Silva as he seeks reelection in Sunday's first-round presidential election. While the president holds a slight lead in first-round polling, he is currently tied with challenger Senator Flavio Bolsonaro for a potential runoff scheduled for October 25.