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Brazilian Unemployment Falls to Lowest Level in Two Years

Brazil's unemployment rate has fallen to its lowest level in two years.

A Brazilian government report put the South American country's October jobless rate at 10.5 percent, down from 10.9 percent in September.

The drop is the second in two months and marks the lowest rate of unemployment since President Luiz Inacio Lula da Silva took office in January 2003.

Analysts say the improvement shows South America's largest economy has recovered from last year's recession.

Investors embraced the news and powered Brazil's benchmark index, the Bovespa, to a record close at 24,998.

Some information provided by AP.