Unemployment rose to 9% in August-October 2015

Brazil’s unemployment rate rose to 9% in the quarter ended in October, the Brazilian Institute of Geography and Statistics (IBGE) reported today (Jan. 15) in its Continuous National Household Sampling Survey (PNAD).

In the previous quarter (May-July 2015), the unemployment rate was 8.6%, 0.6 percentage points up from February-April. In August-October 2014, the unemployment rate was 6.6%.

The usual real earnings (excluding extraordinary payments and deductions) in the August-October 2015 quarter were R$1,895 ($471.12), down 0.7% compared to the previous quarter’s R$1,907.00 ($474.11). In the year-over-year comparison, the decline was 1% from the previous R$1,914 ($475.85).

Job search

According to the survey, 9.1 million people have unsuccessfully looked for a job in the quarter ended in October 2015. In the period ended in July, the figure was 8.6 million. The number of employed persons, 92.3 million, did not change significantly by IBGE standards.

Continuous PNAD

This year, the continuous PNAD will replace the Monthly Employment Survey (PME), which used to be the only official unemployment indicator in the country. IBGE argues the continuous PNAD is more comprehensive and provides wider insight on the labor market, with information on child labor, migration, and fertility. The survey covers households in 3,400 municipalities, whereas the PME was conducted in six metropolitan areas.

Translated by Mayra Borges

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Rousseff gives 2016 budget full sanction

President Dilma Rousseff has sanctioned the Federal Budget for 2016 with no line-item vetoes. Passed by Congress last December, the Annual Budget Law includes a forecast of 1.9% decline in Gross Domestic Product (GDP) and 6.47% inflation.

By giving her full sanction to the draft approved by Congress, the president endorsed the $203.6 million state transfer to the so-called Party Fund, a high figure according to some experts. The rationale for maintaining this amount was the ban on corporate funding of political campaigns last year – this will be the first election year where the new rules apply. The fund money is split among the parties in proportion to the size of their benches in the Chamber of Deputies.

The approved budget goes on to cover a $5.97 billion revenue forecast for the Provisional Tax on Financial Transactions (CPMF), even though the proposed amendment to the Constitution reinstating the tax is still pending Congress approval.

Translated by Mayra Borges

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