Brazil's consumer confidence plummets in November
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)
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