- Brazil’s March unemployment rate increased 0.3 percent from the month prior to 10.4 percent. Although the actual rate increased, unemployment grew at a slower rate than 2005 for the third straight month. As a result, economists believe labor conditions are stable.
- Canada’s April jobless rate was 6.4 percent, a 0.1-percent increase from March and 0.4 percent lower than April 2005. In other economic news in the country, the Bank of Canada raised its key overnight interest rate 0.25 percent to 4.25 percent on May 24. The increase was the seventh consecutive 25 basis points increase since September 2005.
- Colombian President Alvaro Uribe won re-election in late May after gaining a historic 62 percent of the vote. His popularity stemmed mostly from policies that cut narcotic and kidnapping crime rates while spurring economic growth.
- Peru’s National Election Board ended weeks of suspense by announcing May 3 that former President Alan Garcia had edged past ex-Congresswoman Lourdes Flores by just 64,434 votes to earn a spot in the presidential runoff election June 4. He will oppose former army officer Ollanta Humala.
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