By David Biller, Bloomberg News
BRASILIA, Brazil – Brazil's unemployment rate unexpectedly rose to the highest on record at the end of 2016, as a recent drop in borrowing costs has yet to boost Latin America's largest economy.
The jobless rate was 12 percent in the fourth quarter, up from 11.9 percent in the three months ending in November and compared with 11.8 percent in the third quarter. Economists surveyed by Bloomberg News estimated unemployment would remain at 11.9 percent. The series of data compiled by Brazil's statistics agency starts in 2012.