Brazil – Unemployment has doubled in three years

Brazil was downgraded yet again this week by Standard & Poor’s to BB-, and unemployment has doubled in three years from a little over 4% to 9%, the Brazilian Institute for Geography and Statistics, or IBGE, said on Friday.

Jobs in Brazilian manufacturing are on the wane, with job totals declining 6.2% last year, the worst jobs data for Brazilian industries in 14 years.

In São Paulo state, home of General Motors GM -0.86% Brasil and the world’s No. 1 regional jet manufacturer Embraer , roughly 14,500 jobs were wiped out in one month — January — according to the state’s industrial trade association known as Fiesp.

Source: Brazil’s Labor Market Is Imploding – Forbes