May 29, 2018 / 1:10 PM / 2 years ago

UPDATE 1-Brazil jobless rate slips in April, holds near all-time highs

(Recasts throughout, adds details from release, economist comment)

By Bruno Federowski

BRASILIA, May 29 (Reuters) - Brazil’s unemployment rate fell more than expected in the three months through April but still remained near record highs, highlighting the job market’s slow recovery from the deepest recession in decades.

The jobless rate fell to 12.9 percent from 13.1 percent in March, government statistics agency IBGE said, compared with the median 13.0 percent forecast in a Reuters poll of economists .

The rate was higher than the 11.8 percent reading at the end of last year and was near the 13.7 percent all-time high.

“Last year’s recovery is undoing itself through this year,” IBGE economist Cimar Azeredo said. “The long-term outlook is still positive, but improvements are fading.”

Brazil’s job market has been slow to bounce back even as record-low interest rates helped Latin America’s largest economy to resume growth. (Reporting by Bruno Federowski; Eiting by Steve Orlofsky)

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