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Brazil unemployment misery eased further in June

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Staff Writer | August 4, 2018
Brazil's Central Bank maintained its key Selic interest rate steady at 6.5 percent, following a bump in inflation prompted by the depreciating real and a painful truck drivers' strike.
Brazil unemployment
LatAm   Brazil's central bank maintains key interest rate at 6.5 percent
The Central Bank made 12 consecutive rate cuts ending in March, bringing the Selic to a historic low. Analysts now expect it to remain unchanged until the end of the year before rising to around eight percent next year.

Brazil's unemployment misery eased further in June, dipping to 12.4 percent, according to government statistics, although much of the improvement was credited to creation of less secure jobs.

The rate for the three-month period between April and June means there are still 13 million people out of work.

However, it was the third consecutive reduction in unemployment, falling from 12.7 percent in the March to May period. Analysts had expected only a more modest fall to 12.6 percent.

During the same period last year, unemployment in Latin America's biggest economy reached 13 percent, with nearly 13.5 million without work.