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Brazil loses 1.5 million jobs in 2015

Xinhua, January 22, 2016 Adjust font size:

Brazil saw 1.5 million net dismissals in 2015, far worse than the previous year when it created 420,000 formal jobs amid economic difficulties.

It is also the worst result registered since the Brazilian Labor Ministry started to keep employment-related records in 2002.

The job losses are an indication of how poorly the Brazilian economy is doing. The country got into a recession with no end in sight.

Its inflation rate reached 10.7 percent in 2015. Average entry salaries fell 1.6 percent, from 1,291 reals (311 U.S. dollars) in 2014 to 1,270 reals (306 U.S. dollars) in 2015.

Labor and Social Security Minister Miguel Rossetto expects indicators to improve in 2016, but did not make any estimates. He said the government is preparing some measures to boost economic growth. Endi