The article analyzes the subprime crisis repercussions on unemployment in Brazilian metropolitan areas. We found that the effects were not as mild as one could suppose from the apparent modest increase in unemployment figures. Using the PME/IBGE data starting in March 2002, our results suggest that the contraction in labor demand has never been so intense, but the deceleration in labor supply, especially from women, contained the increase in unemployment. Among the sectors, job losses were concentrated in industry.
subprime crisis; unemployment; Brazil
