Unemployment rate in Brazil was deteriorating since the rapid rise in July. In November, the country's unemployment rate is likely to rise as expected by market consensus to 8.1% from previous month's 7.9.

If the labor market deterioration accelerates as expected, it will threaten the consumption in the country. With the economy in deep recession, there is a risk that the average unemployment rate this year could be much high.

"With the demand growth situation worsening in the economy, we expect the unemployment rate to rise sharply in November to 8.4%, assuming a 0.5% yoy rise in the workforce and the 3.2% yoy decline in employment", says Societe Generale in a research note.