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UPDATE 1-Brazil's jobless rate falls to 5.3 pct in October
November 22, 2012 / 11:26 AM / 5 years ago

UPDATE 1-Brazil's jobless rate falls to 5.3 pct in October

SAO PAULO, Nov 22 (Reuters) - Brazil’s unemployment rate fell in October, suggesting Brazil’s robust labor market will continue to support domestic demand through an incipient economic recovery.

Brazil’s jobless rate fell in October to 5.3 percent, down from 5.4 percent in September, the government’s statistics agency IBGE said on Thursday.

October’s unemployment rate matched the median forecast of 25 economists surveyed by Reuters. The estimates ranged from 5.0 percent to 5.6 percent.

That is the lowest rate for the month since the current data series was introduced in 2002, and remains near an all-time low of 4.7 percent hit in December last year.

The number of Brazilians with jobs in the six major metropolitan areas surveyed rose 0.9 percent from September to 23.4 million people, up 3 percent from the year-ago period.

The tally of people who unsuccessfully looked for work remained unchanged in October from September and from a year earlier.

Real wages, or salaries discounted for inflation, were little changed from September at an average of 1,787.70 reais ($855.36), gaining 4.6 percent from the year-earlier month.

Brazil’s jobless rate has remained low despite the recent economic slowdown, contrasting with the United States and many European countries. Spain, hit by a deep recession and a banking crisis, saw its unemployment rate soar to 24.6 percent in the second quarter.

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