World Economy

Brazil’s Joblessness Rises to 11%

Brazil’s Joblessness Rises to 11%Brazil’s Joblessness Rises to 11%

Brazil’s unemployment rate increased between March and May, while wages continued to decline, as Latin America’s largest economy faces a deep and prolonged recession, Dow Jones reported. Joblessness rose to 11.2% from 10.2% in the previous three-month period and 8.1% a year earlier, the Brazilian Institute of Geography and Statistics, or IBGE, said Wednesday. Average monthly wages fell to 1,982 Brazilian reais ($582), adjusted for inflation, from 2,037 reais in the year-ago period. The drop in jobs and wages comes as the country’s recession lingers. After contracting 3.8% last year, Brazil’s economy is expected to shrink 3.44% this year, according to a weekly central bank survey of 100 economists.