Brazil: Unemployment rises to 10-year high as jobless rate remains at 11.5%

Brazil has registered the 10th consecutive year of joblessness, as the country’s unemployment rate stands at 11 per cent.

The unemployment rate rose to 11.2 per cent in August, with many Brazilians relying on social security and jobless benefits to keep them afloat.

Many are struggling to find work, with the country recording an overall unemployment rate of 14.9 per cent, according to the countrys Labor Ministry.

The country has been grappling with a series of economic crises that have led to a rise in the number of people in workless households and the lack of jobs, particularly for women and young people.

The Brazilian economy has been hit hard by a drop in commodity prices, as well as a steep drop in the price of oil, which the country relies heavily on to fuel its economy.

The government announced a new three-month limit on the number the country can spend in social security payments, as of March 15, which means many Brazilis are now stuck in poverty.

The latest data shows that almost 20 per cent of the country lives below the poverty line, according the World Bank.

The IMF is urging the government to step up efforts to support Brazil’s struggling middle class, which has been largely left out of the economic recovery in the country.

“The poor and working poor are still suffering, and there is no way out of this,” said the IMF’s Christine Lagarde in a speech on Thursday.