Thursday, January 31, 2013

Reuters: US Dollar Report: UPDATE 1-Brazil's jobless rate ends 2012 at record low 4.6 pct

Reuters: US Dollar Report
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UPDATE 1-Brazil's jobless rate ends 2012 at record low 4.6 pct
Jan 31st 2013, 11:25

Thu Jan 31, 2013 6:25am EST

* Unemployment remains low despite weak economy

* Separate data show payroll job growth is slowing

* Real wages fell 0.9 pct in December from November

By Silvio Cascione

SAO PAULO, Jan 31 (Reuters) - Brazil's jobless rate dropped to a record low in December, government data showed on Thursday, adding to evidence that the country's weak economic growth in the past two years has had muted effects so far on the labor market.

The unemployment rate fell to a non-seasonally-adjusted 4.6 percent from 4.9 percent in November, government statistics agency IBGE said.

December's unemployment rate was above the median forecast of 4.4 percent in a Reuters survey of 27 economists. The estimates ranged from 4.0 percent to 4.9 percent.

Nevertheless, it was the lowest reading for the indicator since the current data series was introduced in 2002. In December 2011, Brazil's jobless rate was 4.7 percent.

The number of Brazilians with jobs in the six major metropolitan areas remained unchanged from November at 23.4 million people, up 3.1 percent from a year earlier.

The number of people who unsuccessfully looked for work fell 6 percent from November and remained unchanged from a year earlier at 1.1 million.

Real wages, or salaries discounted for inflation, fell 0.9 percent from November to an average of 1,805.00 reais ($912) a month, gaining 3.2 percent from the year-earlier period.

Brazil's economy added a net 1.3 million payroll jobs last year - the lowest pace of job creation since 2003, according to labor ministry data released last Friday. It showed that Brazilian employers shed a more-than-expected 497,000 jobs in December.

Gross domestic product in Brazil probably grew just 1 percent in 2012, according to most forecasts, a disappointing performance for an economy that grew 7.5 percent in 2010.

Taken together, both the Reuters poll and government data suggest that the pace of payroll job creation in 2012, albeit slower, offset the entry of new workers in the country's labor market. The labor ministry forecasts that 2 million new jobs will be created this year as the economy picks up steam.

The unemployment rate, as calculated by the IBGE, tallies jobs in the formal sector, where employers are legally registered, as well as off-the books jobs in the "informal sector."

On the other hand, the labor ministry's nationwide payroll collection is based on a survey of only legally registered, or "formal sector," employers.

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