MercoPress. South Atlantic News Agency

Brazil's unemployment rate reaches a record high of 11.9%: this means 12.1m out of a job

The IBGE on Thursday said the rate means that 12.1 million people were unemployed during that period, up 33.1% from last year

Brazil's unemployment rate from September to November reached a record high of 11.9%, the country's statistics agency IBGE said. This new rate is a significant year-on-year hike over the same period in 2015, when it stood at 9%.

 The IBGE on Thursday said the rate means that 12.1 million people were unemployed during that period, up 33.1% from last year. The employed population fell by 2.1% to 90.2 million.

The number of people employed in the private sector with a formal contract fell by 3.7% to 34.1 million.

According to the IBGE, unemployment rose particularly in a number of crucial sectors, such as agriculture, industry, financial services, construction and real estate.

Brazil has been struggling through two years of recession, and the unemployment rate is only one of several indicators which reflect the country's poor economic performance.

Tax collection has also fallen significantly and the government is set to register a record primary deficit in 2016. Meanwhile, inflation is set to reach 6.5% this year, according to the central bank. Despite rising inflation in the past year, Brazilian workers' average monthly wage remained stable at 2,032 reais (US$619).