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Brazil's economy sheds 94,724 payroll jobs in July - ministry

Reuters

BRASILIA, Aug 25 (Reuters) - Brazil's economy shed a net 94,724 payroll jobs in July, the Labor Ministry said on Thursday, taking total job losses over the past 12 months to 1.7 million as the country continues to reel from a deep recession.

Job cuts increased from June, when Brazilian companies shed 91,032 payroll jobs, but were not as steep as in July 2015, when the economy lost 157,905 jobs. The median expectation in a Reuters poll projected 88,000 job cuts in July.

Brazil's economy is expected to shrink more than 3 percent for a second straight year in 2016, with over 11 million workers officially considered unemployed.

(Reporting by Cesar Raizer; Writing by Silvio Cascione; Editing by Sandra Maler)