Brazil lost jobs in October for the first time in at least 15 years, revealing the delicate state of the economy ahead of potential tax hikes and government austerity. Labor Ministry data showed on Friday that Latin America's largest economy unexpectedly trimmed 30,283 net payroll jobs in the tenth month of the year, the worst reading for the month since the data series began in 1999.
Brazil's economy added a net 58,836 payroll jobs in May, the Labor Ministry said, which is the worst figure for May since 1992. Brazil added 105,000 jobs in April.
Brazil's jobless rate fell unexpectedly and salaries jumped in August from the previous month, government data showed this week. It was the second consecutive month-to-month drop in Brazil's jobless rate, which remains close to record lows.
Brazil's jobless rate rose slightly in April for the fourth straight month but remained near record lows, suggesting that tight labour conditions bolstered a gradual recovery and fed into inflation, statistics agency IBGE said this week.