BRASILIA (Reuters) - Brazil’s national unemployment rate rose to 11.6 percent in the three months through July BRPNAD=ECI, statistics agency IBGE said on Tuesday, slightly above expectations in a Reuters poll.
The median forecast of 28 economists surveyed by Reuters projected the unemployment rate at 11.5 percent. Brazil’s jobless rate has risen sharply from 6.5 percent at the end of 2014 as the country entered its worst recession in decades.
More than 1.7 million Brazilians have lost their jobs over the last 12 months, according to Labor Ministry data, taking the total unemployed population to an estimated 11.8 million.
Wages discounted for inflation fell 3.0 percent from the same months in 2015 to an average of 1,985.00 reais ($615.08).
The fall from grace of what was considered a vibrant emerging market until a few years ago cost Brazil its investment grade rating and contributed to destabilizing President Dilma Rousseff’s government. The suspended president is on trial in the Senate on charges of doctoring budget numbers and could be removed from office this week.
($1 = 3.2272 Brazilian reais)
Reporting by Silvio Cascione; Editing by Jeffrey Benkoe