Brazil's unemployment on the rise

Tuesday, November 29, 2016

Brazil's unemployment inched up to 11.8% in the three-month period ended October.

The rate was 11.6% in May through July, and 8.9% in August through October 2015, according to statistics bureau IBGE.

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Unemployment in the period was equal to the average estimate from 21 consultancies and financial institutions consulted by Valor Data.

The unemployed labor force reached 12mn at the end of October, flat from July and 32.7% higher than in October 2015.

The labor ministry said last week that Brazil lost 74,748 net formal jobs in October, after shedding 39,282 in September. It was the 19th consecutive month with a negative result.