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Brazil unemployment rises for first time in eight months

Brazil unemployment rises for first time in eight months

Brazil's jobless rate rose for the first time in eight months in January, as retailers laid off year-end holiday workers, the Brazilian Census Bureau said on Thursday.
Unemployment increased to 8 percent from 7.4 percent in December, when joblessness reached its lowest level since March 2002, as retailers filled temporary jobs for the holiday shopping season.
Consumption is booming in Brazil, as inflation and interest rates have fallen and investment has soared, creating jobs nationwide. Gross domestic product will expand at least 5 percent a year through 2010, President Luiz Inacio Lula da Silva predicted on Monday, up from 3.7 percent in 2007, as thriving local markets and diversified exports position the country to weather an economic slowdown in the U.S. and Europe, he said.
Global demand for the country's vast natural resources is also swelling, and two major offshore oil finds could further boost growth in coming years.
Some 21.3 million Brazilians were officially employed in January, keeping joblessness significantly below the 9.3 percent registered in January 2007, the Census Bureau said. The last time unemployment had increased was May 2007, to 10.1 percent.
Silva also unveiled plans this week to spend US$6.4 billion (euro4.2 billion) on jobs and infrastructure programs in 2008, targeting 24 million poor Brazilians in 1,000 towns.
Brazil's Census Bureau measures unemployment in the country's six largest metropolitan areas: Sao Paulo, Rio de Janeiro, Salvador, Belo Horizonte, Recife and Porto Alegre.


Updated : 2021-03-08 03:49 GMT+08:00