Here's Why Consumption in Latin America's Biggest Economy Is Taking a Hit
Recession and inflation hobble growth and companies shed workers
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When Brazil’s Dilma Rousseff was sworn in for her second presidential term in January, she proclaimed that maintaining jobs and raising salaries were her “greatest priority.” Months later, real wages are falling and — even with people leaving the workforce — unemployment has spiked to its highest in more than six years. How does all this look on the ground?
Companies’ least experienced employees are often the first to get the ax. The jobless rate for people ages 18-24 climbed to 19.5 percent in October, from 11.8 percent in the same month last year, according to government data that tracks employment in six Brazilian metropolitan areas.