(Bloomberg) -- Brazil's unemployment rate rose more than expected by economists in the three months through August as Latin America's largest economy continued to lose jobs amid its deepest recession in decades.
The nation's jobless rate increased to 11.8 percent in the period, up from from 11.2 percent in the three months ending in May. That compares to a median estimate of 11.7 percent from 31 economists surveyed by Bloomberg.
Rising unemployment hasn't prevented consumer confidence from rebounding in recent months, mostly due to a drop in inflation. The government hopes that measures to shore up its fiscal accounts will pave the way for Brazil to emerge from its two-year recession and for unemployment to fall.
To contact the reporter on this story: David Biller in Rio de Janeiro at dbiller1@bloomberg.net. To contact the editors responsible for this story: Vivianne Rodrigues at vrodrigues3@bloomberg.net, Walter Brandimarte
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