Brazil Adds Jobs Against Trend
Post on August 28, 2013, 3:00 pm by the-victoria-law-group 0 Comments
The dollar is on the rise, inflation is also high but against economic rules unemployment is falling in Brazil. Brazil’s unemployment rate in July fell to its lowest level in five months, beating estimates made by analysts as traders in the swaps market increased bets central bankers will tighten monetary policy to slow inflation.
The jobless rate fell to 5.6 percent from 6 percent in June, the national statistics agency said in Rio de Janeiro today. Economists had forecast unemployment would drop to 5.8 percent, according to the median estimate in a Bloomberg survey of 29 analysts.
The labor force grew to 24.5 million people from 24.4 million a month before as the number of unemployed fell to 1.38 million from 1.46 million, the statistics agency said.
I wonder how unemployment is at its lower rates despite the whole world alleging Brazilian economy is in the plunge? How can that be possible?
Brazil’s President Dilma Rousseff is seeking to spur the economy by regaining investor confidence that has been chipped away by inflation near the top of the central bank’s target range. The fight against consumer price increases may be hampered by a weakening currency that makes imports costlier.
Read David Biller’s Bloomberg article here:
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