Brazil's jobless rate fell in October to its lowest level since December, underscoring the momentum gathering behind a recovery in Latin America's largest economy. The rate fell to 7.5 percent in October from 7.7 percent in September, statistics agency IBGE said on Thursday.
The unemployment rate was expected to edge lower to 7.6 percent, according to the median forecast of 26 economists surveyed by Reuters. The number of Brazilians with jobs remained nearly stable in October from September at 21.51 million people, but dipped 0.3 percent compared to October 2008.
The tally of people who went unsuccessfully looking for work dropped 2.6 percent in October from September to 1.753 million people. The figure rose 0.6 percent from a year earlier. Real wages stayed flat in October from the previous month at 1,349.70 reais ($781.98), the IBGE said. Real wages, or salaries discounted for inflation, were up 3.2 percent from October of 2008, underscoring the importance of household spending to a rebound in Latin America's largest economy.