Labor and Credit Markets Do Not Favor Consumption

BRAZIL ECONOMICS - Report 13 Sep 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
Last week the data for August on the labor and credit markets were announced. The indications on both counts are that the growth of consumption will continue being lethargic. In August the unemployment rate fell to 5.3% in the seasonally adjusted series, but this does not mean the job market is getting stronger, because this dip was due to a reduction in the participation rate. The household employment remained stable in the month, which combined with the weak growth of real wages meant slow real payroll growth as well. Graph 1 shows that at the end of 2012, the real payroll figure was grow...

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