By Rogerio Jelmayer
SAO PAULO--Consumer confidence in Brazil dropped in November, ending a cycle of six consecutive months of increases, as the country's economic performance failed to regain traction and its labor market continued deteriorating.
Brazil's main consumer confidence index dropped to 79.1 points from 82.4 points in October, the Getulio Foundation said Thursday.
With the continued effects of Brazil's prolonged recession, mainly hurting its labor market, Brazilians are less optimistic, said survey coordinator Viviane Bittencourt.
The index remains well below the neutral level. The confidence index has a 1-to-200-point range, with 100 considered an indicator of neutral sentiment.
The country's economy is expected to shrink 3.5% this year, according tocountry's finance ministry, after contracting 3.8% last year.
The consumer-confidence index polled 1,968 families in Brazil's seven largest cities, from Dec. 1 to Dec. 21. It measured their willingness to purchase various consumer goods and gauged expectations about employment, income and economic opportunities.
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(END) Dow Jones Newswires
November 24, 2016 06:10 ET (11:10 GMT)
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