Brazil's unemployment rate ends 2017 at 14-month low

Brazil's unemployment rate ends 2017 at 14-month low

Chamber Articles Category: Economic News Post Date: 01/31/18 Source: Reuters By: Bruno Federowski
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Brazil’s jobless rate continued to fall at the end of 2017 due to growing off-the-books employment, ending the year at a 14-month low.

The unemployment rate slipped 0.6 percentage points in the three-months through December to 11.8 percent, government statistics agency IBGE said.

That is a tad below the 11.9 percent median estimate in a Reuters poll of economists and should bring some relief to workers emerging from the nation’s deepest recession in decades.

But under-the-table jobs, which offer fewer benefits and do not entitle people to automatic wage hikes, accounted for nearly all gains in the year, highlighting the labor market’s slow recovery.

Brazil shed nearly 21,000 payroll jobs in 2017 even as the economy likely expanded at the fastest pace in four years.
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