- Argentina’s first-quarter GDP decreased 6.76 percent compared to the previous quarter, while increasing 25 percent from the same quarter in 2005. The country’s jobless rate for May increased 1.3 percent over April but was 1.6 percent lower than the rate in May 2005.
- Brazil’s May unemployment rate remained stable at 10.4 percent, 0.4 percent lower than in May 2005.
- Canada’s economy grew 0.2 percent in Q1 compared to the previous quarter and increased 6.3 percent compared to Q1 2005. The country’s unemployment rate for May fell 0.3 percent to 6.1 percent, its lowest rate since December 1974. Overall employment increased by an estimated 97,000 in May, matching the high from January 2002, as finance, insurance, real estate, and leasing sectors boomed.
- Alan Garcia (American Revolutionary People’s Alliance), a moderate leftist and Peru’s former president from 1985 to 1990, regained power by winning the country’s presidential runoff election in early June. Despite the economic problems and guerrilla warfare that had plagued Peru during his previous rule, Garcia edged past his opponent, ex-Congresswoman Lourdes Flores (Popular Christian Party), by about a 6 percent margin.
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