Brazil Sheds Jobs for 12th Straight Month as Recession Deepens
- Country's two-year downturn is the worst in over a century
- Labor market hasn't reached bottom yet: Banco Mizuho analyst
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Brazil shed more than 100,000 formal jobs in March as a second year of recession pummels a labor market that’s not expected to improve in 2016 regardless of how President Dilma Rousseff’s impeachment process plays out.
The March result of 118,776 jobs lost marked the 12th straight month of employment decline, the longest run of negative prints since the government began tracking formal job creation in 2003. Since Rousseff began her second term in 2014, almost 2 million formal jobs have been cut. Over the same period, the national unemployment rate has risen to 10.2 percent from 6.5 percent.