Brazil’s Unemployment Rate Rises to 7.6% in August

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The FINANCIAL — Joblessness in Brazil rose last month to the highest rate since 2009 but fell just below economists’ expectations, as this year’s rapid deterioration in the labor market appeared to pause, according to Nasdaq.

Brazil’s unemployment rate rose to 7.6% in August from 7.5% in July and 5% a year earlier, the Brazilian Institute of Geography and Statistics said on September 24. A survey of economists by the local Agência Estado newswire had produced a median estimate of a 7.7% jobless rate.

Average monthly earnings rose 0.5% in August from July, in real terms, to 2,185.50 Brazilian reais (about $519).

The break in the clouds is likely to be temporary, however. Economists are forecasting a sharp contraction in Brazil’s economic output this year and a continued recession into 2016.

 

 

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