Macroeconomic Forecast Uruguay

BMI View: Uruguay's unemployment rate continues to tick lower, dropping to 6.1% in November from 6.1% in October, and 7.7% back in January 2010. With seasonal employment traditionally pushing unemployment lower, we estimate end-2010 unemployment at 5.9%, the lowest level on record. Going forward, we expect still-strong growth to prompt the labour market to tighten yet further, and forecast a jobless rate of 5.5% come end-2011.

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