November 29, 2016 / 12:50 PM / in a year

UPDATE 1-Brazil's jobless rate remains steady as workers leave market

(Adds IBGE comments)

RIO DE JANEIRO, Nov 29 (Reuters) - Brazil’s unemployment rate remained unchanged in the quarter through October, but an increase in the number of people giving up seeking work suggested the labor market continued to deteriorate amid a harsh recession.

Brazil’s jobless rate stood at 11.8 percent in the three months through October, statistics agency IBGE said on Tuesday, slightly above market expectations for an 11.7 percent rate.

There are 12 million unemployed people in Brazil, IBGE said, as the economy goes through the second year of its worst downturn in at least eight decades. The number of jobless workers who were not looking for a new post rose by 2.3 percent from a year earlier to 1.462 million, according to IBGE.

“The situation is much more severe than these figures are showing, because the number of people with jobs continues to fall. People are giving up seeking jobs because the labor market is not creating opportunities,” IBGE economist Cimar Azeredo told journalists.

Wages discounted for inflation fell 1.3 percent in the quarter through October from a year earlier, to 2,025 reais ($595) per month on average.

$1 = 3.4003 Brazilian reais Reporting by Rodrigo Viga Gaier; Writing by Silvio Cascione; Editing by Chizu Nomiyama

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