Brazil sheds nearly 75,000 jobs

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Friday, November 25, 2016

Brazil lost 74,748 net formal jobs in October, after shedding 39,282 in September, according to data from the labor ministry's employment database Caged.

This was the 19th consecutive month with a negative result. In October 2015, 169,131 jobs were lost.

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Reuters had previously predicted a loss of 89,000 formal jobs.

The job loss in October was driven by the construction sector, which cut 33,517 jobs. The service (-30,316) and agriculture (-12,508) sectors also experienced significant losses in October.

Year-to-date, job loss reached 751,816. In the last 12 months, more than 1.5mn jobs were eliminated.

According to the most recent data released by statistics bureau IBGE, the Brazilian unemployment rate stabilized in the third quarter at 11.8%. The employed population, however, registered a record decrease in 2015, reflecting the country's recession.