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Brazil’s jobless rate falls to 5.3 per cent in October

A worker makes soles during a shoemaking process at a factory in Novo Hamburgo, in the state of Rio Grande do Sul August 4, 2010.

© Nacho Doce / Reuters/REUTERS

Brazil's unemployment rate fell in October, suggesting Brazil's robust labour market will continue to support domestic demand through an incipient economic recovery.

Brazil's jobless rate fell in October to 5.3 per cent, down from 5.4 per cent in September, the government's statistics agency IBGE said on Thursday.

October's unemployment rate matched the median forecast of 25 economists surveyed by Reuters. The estimates ranged from 5.0 per cent to 5.6 per cent.

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That is the lowest rate for the month since the current data series was introduced in 2002, and remains near an all-time low of 4.7 per cent hit in December last year.

The number of Brazilians with jobs in the six major metropolitan areas surveyed rose 0.9 per cent from September to 23.4 million people, up 3 per cent from the year-ago period.

The tally of people who unsuccessfully looked for work remained unchanged in October from September and from a year earlier.

Real wages, or salaries discounted for inflation, were little changed from September at an average of 1,787.70 reais ($855.36), gaining 4.6 per cent from the year-earlier month.

Brazil's jobless rate has remained low despite the recent economic slowdown, contrasting with the United States and many European countries. Spain, hit by a deep recession and a banking crisis, saw its unemployment rate soar to 24.6 per cent in the second quarter.

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