Business

Unemployment reaches record high in Brazil

Agency | December 30, 2016 11:17 AM

Brasilia: Brazil's unemployment rate from September to November reached a record high of 11.9 per cent, the country's statistics agency IBGE said.

This new rate is a significant year-on-year hike over the same period in 2015, when it stood at 9 per cent, Xinhua news agency reported.

The IBGE on Thursday said the rate means that 12.1 million people were unemployed during that period, up 33.1 per cent from last year.

The employed population fell by 2.1 per cent to 90.2 million. The number of people employed in the private sector with a formal contract fell by 3.7 per cent to 34.1 million.

According to the IBGE, unemployment rose particularly in a number of crucial sectors, such as agriculture, industry, financial services, construction and real estate.

Brazil has been slogging through two years of recession, and the unemployment rate is only one of several indicators which reflect the country's poor economic performance.

Tax collection has also fallen significantly and the government is set to register a record primary deficit in 2016. Meanwhile, inflation is set to reach 6.5 per cent this year, according to the central bank.

Despite rising inflation in the past year, Brazilian workers' average monthly wage remained stable at 2,032 reais ($619).

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