August unemployment rate of Brazil remains 6%

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This article was last updated on April 16, 2022

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brazilian-flag-707644The unemployment rate of Brazil remained stable at 6% despite the Latin American country’s tight labor conditions.

The Brazil institute of Geography and statics told that the unemployment rate of 6% remained the same as registered in July. Since its inception in 2002 it is the lowest unemployment rate recorded for the month of august. In 2010 the rate was recorded at 6.7% and the current rate of 6% is minutely below the 6.1% predicted by the analyst. The Analyst had predicted it to lie between 5.9% to 6.2%

The constantly recorded low unemployment rate will further serve a reason for authorities to criticize Brazilian Central Bank for cutting the interest rate.

Despite concerns of Europe’s financial debt difficulty and lethargic economy growth, the bank’s move to cut down interest was too rapid according to economists and analysts. Companies are forced to offer elevated salaries to employees considering the limited labor market, which in turn results in high inflation rates.

Consumer prices are running at 7.33% in mid September. The figure is way ahead of Governments target range for inflation of 4.5%. The price of food has risen, while service sectors like car repairs and haircuts continues to be strong as the Brazil people spent more on such services.

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