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Economy & Business - August 2006

At a turning point

Recent economic data have not been encouraging. Two of the most dismal are the rise in the unemployment rate to 10.7% in July and the virtual halving of the monthly fiscal surplus between June and July. The more worrying is the rise in unemployment. The rate is now the highest for 15 months and up 0.3% on June 2006. For the first seven months of the year the government ran a primary fiscal surplus of R$62.8bn (US$28.7bn). On top of this retail sales have been disappointing and industrial output is faltering.

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