Weekly Report - 04 August 2016 (WR-16-30)

BRAZIL-ARGENTINA | Surge in job losses. On 27 July Brazil’s ministry of work & social security (MTP), released the latest unemployment rate figures compiled by the national statistics institute (Ibge) in the third quarter of 2016. These showed that 11.3% or 11.6m economically active people in Brazil were unemployed during the third quarter, a 38.7% increase on the same period last year and up 4.5% on the first quarter of 2016. The second-quarter unemployment rate is also the highest ever since Brazil adopted a new unemployment methodology in 2012. The MTP also reported that 531,765 formal jobs were lost in the first half of 2016, the highest number in a first half since 2002. This brings the cumulative number of jobs lost from July 2015 to June 2016 to 1.77m.

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