Brazil’s rolling three-month average for unemployment declined in October to 12.2% from 12.4% as of September but was still higher than the 11.8% figure posted for October of 2016, the Brazilian Census Bureau (IBGE) said Thursday. The IBGE said the latest figures offered additional evidence that Brazil’s economy is recovering from a long recession. The IBGE noted that the unemployment rate declined in October even as the workforce, counted as those employed or actively looking for employment, increased by more than 300,000 to 104.3 million. Unemployment has been declining steadily since hitting a peak of 13.7% in March of this year. The unemployment rate is expected to continue its steady decline well into 2018.
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