Brazil’s unemployment rate remained stubbornly high as of May at 12.7%, up slightly from 12.6% as of the previous month but down from 13.3% as of May 2017, the Brazilian Census Bureau (IBGE) said Friday. The IBGE said 13.2 million people were looking for work as of May but couldn’t find a job. The IBGE noted that job creation continued to favor so-called “informal,” or unregistered, employment while registered jobs, with full benefits and tax contributions, declined. Average wages remained stable month-on-month and year-on-year. IBGE economists said unemployment has remained stubbornly high so far in 2018 be cause of weak consumer and business confidence. Brazilians are being cautious about spending and investment ahead of October elections.
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