Brazil’s Unemployment Reaches Record Low in 2 years

Brazilian stocks are moving higher, although trading is tentative considering today’s shortened market session in the U.S., following yesterday’s Thanksgiving holiday.

Brazil’s market is celebrating some upbeat economic reports, including a drop in the unemployment rate. Brazil’s benchmark Bovespa Index is rising 36.58 points, or 0.15%.


Brazilian issues are rebounding somewhat, after earlier profit-taking. Yesterday, Brazilian stocks reached new highs, bolstered by state oil company Petrobras, which increased its prices for gasoline and diesel fuels in Brazil.


The firm will charge 7% more for gas and 10% more for diesel at the refinery level, starting today.


Analysts largely applauded the move, as some see Petrobras correcting a distortion between Brazilian prices at the pump and crude oil prices.


Separately, Petrobras announced that it struck light oil in its onshore block in the Sergipe-Alagoas basin.


In economic headlines, Brazil’s unemployment rate fell to the lowest level in 22 months in October to 10.5% from 10.9% in September.


The decline was credited to General Electric, Burger King and other firms boosting hiring on increased demand for their products locally and overseas. Analysts expected a higher rate of 10.6% for October.


Also, Brazil reported a leap in its public sector primary budget surplus of 8.2 billion reais in October, placing it securely above its full-year target.


That compares to a surplus of 6.96 billion reais last year. Economists expected a primary budget surplus of 6.6 billion reais in the latest reading.


In other corporate reports, yesterday, Banco do Brasil posted a 25% leap in its third-quarter profit, aided by increased banking fees and lending. Brazil’s largest bank reported a higher-than-expected quarterly net profit of 833 million reais, compared with 665 million reais a year ago.


Thomson Financial Corporate Group
www.thomsonfinancial.com


PRNewswire

Tags:

Ads

You May Also Like

The Bulls Are Loose

Investments into Brazil economy should reach $15 billion this year, almost as much as ...

LETTERS

An old-time resident of Diadema tell his side of the story. By Brazzil Magazine ...

Brazil’s Lula Recognizes Economy Has Been Weak

Brazilian President Luiz Inácio Lula da Silva said Monday, January 30, that 2006 will ...

Saudi Arabia, main destination for Brazilian exports to Arab world

Brazil Exports to Arab World Grow 19% to Over US$ 1.5 Bi

Brazilian exports to the Arab countries generated over US$ 1.5 billion in the first ...

Some Believe It’s Latin America’s Turn and that Next Pope Will Be Brazilian

With Pope Benedict’s stunning announcement that he will resign at end of the month, ...

Brazil’s Petrobras Invests US$ 112 Bi to Be Among World’s Top Five in Energy

Brazil's government-controlled oil company Petrobras announced plans to invest 112 billion US dollars in ...

NGOs Urge Brazil to Speed Up Process of Breaking AIDS Drugs Patent

In order to alleviate budgetary problems in Brazil’s AIDS program  some 700 activists are ...

Mired in Scandal, Brazil’s Lula Offers Ministries to New Allies

Scandal shocked Brazilian President Luiz Inácio Lula da Silva announced Thursday a new plan ...

Brazil: São Paulo Needs a Shrink

The proportion of people in São Paulo who visit psychiatrists is amongst the highest ...

Lula Gloats Brazil Is Better Prepared than Anyone to Tackle Global Crisis

There is no other country in the world better prepared for the global economic ...