Loading ...News - Brazil’s jobless rate unexpectedly falls in May
SAO PAULO, June 25 (Reuters) - Unemployment in Brazil unexpectedly fell in May, dropping for a second straight month, in the latest sign of a nascent recovery in Latin America’s largest economy.
The jobless rate fell to 8.8 percent in May from 8.9 percent in April, when it declined after reaching the highest level in 17 months in March, statistics agency IBGE said on Thursday.
The unemployment rate was expected to rise to 9 percent, according to the median forecast of 27 economists surveyed by Reuters. The estimates ranged from 8.6 percent to 9.5 percent.
The number of people working in the six metropolitan areas surveyed by IBGE rose 0.3 percent in May from April to 20.98 million. When compared to May 2008, the number of people with jobs firmed 0.2 percent.
The tally of people looking but unable to find work dipped 0.5 percent from April to 2.04 million and surged 13 percent from May 2008.
Average real wages, or earnings discounted for inflation, fell 1.1 percent in May from the previous month to 1,311.7 reais a month ($661.8). Wages rose 3 percent from a year earlier, the IBGE said.
For the IBGE’s May jobless report, see (in portuguese):
http://www.ibge.gov.br/home/presidencia/noticias/noticia_visualiza.php?id_noticia=1398&id_pagina=1
Source: guardian.co.uk
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