Brazil’s jobless rate hits nine-year low

Brazil’s jobless rate hits nine-year low

The Economic Times

RIO DE JANEIRO: Brazil’s unemployment rate fell in November to 5.2 percent, its lowest level of the past nine years, authorities said Thursday.

Last month’s jobless rate was the lowest since the Brazilian government began measuring unemployment under more rigorous criteria in March 2002. The previous record low had been 5.3 percent in December 2010.

The unemployment rate in November was down 0.6 percentage points from October and 0.5 percentage points from the penultimate month of 2010.

According to the IBGE statistics agency, the ranks of the unemployed in the country’s six largest metropolitan areas (Rio de Janeiro, Sao Paulo, Salvador, Belo Horizonte, Porto Alegre and Recife) fell to 1.3 million, down 9.6 percent compared to October.

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