Unemployment in Brazil unexpectedly fell in July and was down for a fourth straight month, the latest sign that a recovery in Latin America's largest economy is gathering speed. The jobless rate dipped to 8 percent in July from 8.1 percent in June, statistics agency IBGE said on Thursday.
The unemployment rate had been expected to rise to 8.3 percent, according to the median forecast of 30 economists surveyed by Reuters. Estimates ranged from 7.8 to 8.9 percent. The number of people working in the six metropolitan areas surveyed by IBGE firmed 0.9 percent from June to 21.33 million. Compared to July 2008, the number with jobs rose 1.1 percent.
The tally of people looking but unable to find work fell 0.7 percent both from June and from July 2008 to 1.85 million. Average monthly household income, or family earnings discounted for inflation, rose 0.5 percent in July from June to 1,323.3 reais ($720.35). Income, a measure of workers' purchasing power in Latin America's largest economy, rose 3.4 percent from a year earlier, the IBGE said.
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