Insight: Brazil’s Slump Hits Job Market As Election Approaches
Many of Brazil’s biggest retailers, homebuilders and carmakers are cutting jobs as Latin America’s largest economy teeters on the edge of recession, a fresh blow to President Dilma Rousseff’s re-election bid. For years, low unemployment was key to Brazil’s emergence as an economic power and important gains in the fight against poverty. The unemployment rate remains near record lows of around 5 percent and the leftist Rousseff regularly touts it as a success of the ruling Workers’ Party over the last 12 years. But after a decade of good news, the labor market is showing signs of weakness, possibly depriving her of a trump card in the October election.
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