LatinNews Daily Report - 24 May 2013

ECONOMY | Despite stagnant economy, Brazil retains full employment. The rate of unemployment in the six main metropolitan areas was 5.8% in April, according to the national statistics institute (Ibge), up slightly from 5.7% in March but nonetheless the lowest for the month of April in the past five years.  The rate in April 2012 was 6.0%, while in April 2003, a few months after the ruling Partido dos Trabalhadores (PT) first came to power with Lula da Silva (2003-2010), it was 12.5%.  Brazil’s economy is stagnant and this week private economists cut their real annual GDP forecasts for the year to below 3%, with forecast annual inflation nearing 6%. Critics say low labour force productivity and high labour and other operating costs are deterring a recovery in industrial output and accuse the current PT administration led by President Dilma Rousseff of prioritising labour market stability ahead of the 2014 general election, in which Rousseff is expected to seek a second consecutive four-year term.

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