UPDATE 1-Brazil sheds 169k jobs in October as recession worsens

viernes 20 de noviembre de 2015 13:37 GYT
 

(Adds details on job cuts across sectors, regions)

By Silvio Cascione

BRASILIA Nov 20 (Reuters) - Job losses in Brazil accelerated in October to the fastest pace so far this year as the country's political and economic crisis continued to worsen.

Brazil's economy shed a net 169,131 payroll jobs in October, the Labor Ministry said on Friday, up from 95,602 layoffs in September.

Brazilian companies were expected to have laid off a net 179,000 workers in October, according to a Reuters poll.

Companies cut staff across business sectors and regions. Manufacturing, construction and services firms laid off nearly 50,000 workers in each sector in October.

Brazil's deep recession has already cost nearly 1.4 million jobs in the past 12 years. Even those who have kept their jobs are feeling insecure about the future, sending consumer confidence measures to successive record lows.

The Brazilian economy is expected to shrink more than 3 percent this year and 2 percent in 2016, in what would turn out to be its longest recession since the 1930's.

The crisis, partly caused by market worries due to a political stalemate in Congress, has weighed on President Dilma Rousseff's popularity. Opposition parties have demanded her impeachment just a year after her re-election, as her approval rating plummeted below 10 percent.

The Northern state of Para, rich in agricultural and mineral commodities, had the steepest month-on-month decline in payroll jobs at 1.15 percent, labor ministry data showed. About 95,000 jobs were trimmed in Brazil's most populous region, the southern states of Sao Paulo, Rio de Janeiro and Minas Gerais. (Reporting by Silvio Cascione; Editing by W Simon and Chris Reese)