Brazil's consumer confidence plummets in November

lunes 24 de noviembre de 2014 07:13 GYT

BRASILIA, Nov 23 (Reuters) - Consumer confidence in Brazil
plunged in November to the lowest level in nearly six years on
growing concern over job cuts, high inflation and rising
interest rates, a private survey showed on Monday.
    The Getulio Vargas Foundation (FGV) said its confidence
index dropped to 95.3 in November from 101.5 in October. It was
the lowest reading since December 2008.
    "Worries about inflation, the job market and, more recently,
interest rate increases have accelerated the trend of falling
consumer confidence that has been around for the past 12
months," said Tabi Thuler Santos, an economist with FGV.
    Weaker consumer confidence could weigh on Brazil's economic
growth, which has already been stagnant for about one year.
Companies shed over 30,000 jobs nationwide in October, inflation
has been above the government's target range, and interest rates
are among the world's highest at 11.25 percent.
  (level)                  Latest mth  Previous mth   Year ago
 Confidence index          95.3        101.5          112.5
 Current situation index   96.6        101.8          119.6
 Expectations index        94.7        101.6          108.8
 (Reporting by Silvio Cascione; Editing by Hugh Lawson)