Brazil consumer confidence drops in November on concerns over labor market deterioration

Consumer confidence in Brazil dropped during the month of November, owing to concerns over the country’s deteriorating labor market. Also, the indicator ended a cycle of six consecutive months of increases.

Brazil's main consumer confidence index dropped to 79.1 points from 82.4 points in October, data released by the Getulio Foundation showed Thursday, remaining well the neutral level of 100-point mark.

The index is based on a poll of 1,968 respondents, in the country’s seven largest cities, from December 1-21. Meanwhile, the economy is expected to shrink by 3.5 percent this year, after contracting 3.8 percent last year, according to reports from the country’s Ministry of Finance.