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).

Have something to say? Post your comment
Must Read
Rana KP Singh calls upon legislators to make collective efforts to ensure welfare of Punjab
Rana KP Singh calls upon legislators to make collective efforts to ensure welfare of Punjab
Do not support ban on Padmavati; I’am opposed to all threats, says Capt Amarinder
Do not support ban on Padmavati; I’am opposed to all threats, says Capt Amarinder
SAD demands dismissal of SHO and high level inquiry into beating up of mining official in illegal policy custody.
SAD demands dismissal of SHO and high level inquiry into beating up of mining official in illegal policy custody.
Ex serviceman caught with Assault rifle ,Links with Jaggo gang
Ex serviceman caught with Assault rifle ,Links with Jaggo gang
 Encroachment over forest land be removed with iron hand: Sadhu Singh Dharmasot
Encroachment over forest land be removed with iron hand: Sadhu Singh Dharmasot
Cabinet Minister Tript Rajinder Singh inaugurates crushing session of Batala Cooperative Sugar Mill
Cabinet Minister Tript Rajinder Singh inaugurates crushing session of Batala Cooperative Sugar Mill
Punjab firmly cracking down on fraudulent travel agents, assures Capt Amarinder
Punjab firmly cracking down on fraudulent travel agents, assures Capt Amarinder
Bus conductor gets bail in Ryan murder case
Bus conductor gets bail in Ryan murder case
Government keen to bring anti-triple talaq bill in winter session
Government keen to bring anti-triple talaq bill in winter session
Terrorist affected farmers given agriculture training
Terrorist affected farmers given agriculture training
Budding players exhibit their talent in the Punjab State Games for boys
Budding players exhibit their talent in the Punjab State Games for boys
Three Gangsters arrested by Batala Police under NDPS Act
Three Gangsters arrested by Batala Police under NDPS Act