RIO DE JANEIRO--Brazil's unemployment rate fell dramatically in November as labor markets in Latin America's largest economy remained tight, pushing local wages to the highest level recorded under the government's current survey.
Unemployment was 4.9% in November compared with 5.3% in October, the Brazilian Institute of Geography and Statistics, or IBGE, said Friday.
That was the second-lowest recorded under the IBGE's current methodology adopted in March 2002, only falling behind the 4.7% rate recorded in December 2011.
The unemployment rate in November 2011 was 5.2%. November's unemployment rate was less than the 5.1% median estimate of economists polled by the local Estado news agency.
The forecasts fell in a range between 4.9% and 5.5%. Brazil's unemployment rate remains at historically low levels despite sluggish economic activity.
In addition, salaries continue to climb in an ominous sign for inflation--a key area of concern for the Brazilian Central Bank after a series of interest rate cuts brought local interest rates to record lows.
The average monthly Brazilian salary rose to a record-high 1,809.60 Brazilian reais ($872.64) in November, up 0.8% from October and up 5.3% from November 2011, the IBGE said.
Wages have trended higher in recent months as employee groups called on Brazilian companies and the government to increase wages and benefits to counter higher local prices.
The IBGE measures unemployment in six of Brazil's largest metropolitan areas, including Sao Paulo, Rio de Janeiro, Salvador, Belo Horizonte, Recife and Porto Alegre.
Brazil's unemployment rate, however, isn't fully comparable to jobless rates in developed countries as a large portion of the population is either underemployed or works informally without paying taxes.
In addition, workers not actively seeking a job in the month before the survey don't count as unemployed under the IBGE's methodology.
The survey also does not take into account farm workers. Brazil ended 2011 with a record-low average unemployment rate of 6.0%, down from 6.7% in 2010.
nasdaq.com
Unemployment was 4.9% in November compared with 5.3% in October, the Brazilian Institute of Geography and Statistics, or IBGE, said Friday.
That was the second-lowest recorded under the IBGE's current methodology adopted in March 2002, only falling behind the 4.7% rate recorded in December 2011.
The unemployment rate in November 2011 was 5.2%. November's unemployment rate was less than the 5.1% median estimate of economists polled by the local Estado news agency.
The forecasts fell in a range between 4.9% and 5.5%. Brazil's unemployment rate remains at historically low levels despite sluggish economic activity.
In addition, salaries continue to climb in an ominous sign for inflation--a key area of concern for the Brazilian Central Bank after a series of interest rate cuts brought local interest rates to record lows.
The average monthly Brazilian salary rose to a record-high 1,809.60 Brazilian reais ($872.64) in November, up 0.8% from October and up 5.3% from November 2011, the IBGE said.
Wages have trended higher in recent months as employee groups called on Brazilian companies and the government to increase wages and benefits to counter higher local prices.
The IBGE measures unemployment in six of Brazil's largest metropolitan areas, including Sao Paulo, Rio de Janeiro, Salvador, Belo Horizonte, Recife and Porto Alegre.
Brazil's unemployment rate, however, isn't fully comparable to jobless rates in developed countries as a large portion of the population is either underemployed or works informally without paying taxes.
In addition, workers not actively seeking a job in the month before the survey don't count as unemployed under the IBGE's methodology.
The survey also does not take into account farm workers. Brazil ended 2011 with a record-low average unemployment rate of 6.0%, down from 6.7% in 2010.
nasdaq.com
No comments:
Post a Comment