Brazil jobless rate falls to record low 5.2pc

SAO PAULO, Dec 22 (Reuters): Unemployment in Brazil dropped to a record low in November, reflecting a tight labor market despite stalled economic growth in Latin America's largest economy. Brazil's jobless rate fell to 5.2 percent in November from 5.8 percent in October, government statistics agency IBGE said Thursday, the lowest unemployment rate recorded since the series began in 2002. The decline in unemployment was deeper than the lowest expectations among 20 economists surveyed by Reuters, with a median forecast of 5.65 percent. Estimates ranged from 5.5 percent to 6.0 percent. Brazil's economy posted zero growth in the third quarter from the second, raising warning flags for policymakers who have eased credit curbs and offered tax breaks to spur consumption and protect the economy from the impact of a European debt crisis. Last year Brazil's unemployment rate also notched record lows, boosting salaries as employers competed for workers. But a faltering economy has begun to drag on the job market, which added the fewest number of jobs in 11 months during November. Last month, the number of Brazilians with jobs in the six major metropolitan areas surveyed edged up 0.3 percent in November from the month before and remained unchanged from the year-ago period, IBGE said. The tally of people who unsuccessfully looked for work fell 9.6 percent in November from October to 1.3 million. The figure fell 7.9 percent from a year earlier.