BRASÍLIA: More than 1.7 million Brazilians have lost their jobs over the last 12 months, according to Labor Ministry data, taking the total unemployed population to an estimated 11.8 million. Wages discounted for inflation fell 3.0% from the same months in 2015 to an average of 1,985.00 reais (US$615.08).
The fall from grace of what was considered a vibrant emerging market until a few years ago cost Brazil its investment grade rating and contributed to destabilizing President Dilma Rousseff’s government.
The suspended president is on trial in the Senate on charges of doctoring budget numbers and could be removed from office on Wednesday when upper house takes a definitive vote.