You’d think that having a million foreigners flying hither and thither about your enormous country, dumping their dollars and euros and whatever into all manner of kit, feijoada and caiparinhas, might offer a little pick-me-up to the Brazilian economy. You know, like how it helped swell a little non-profit called FIFA’s coffers by $2.36 billion. But you’d be wrong.

Brazil’s National Confederation of Industry, or CNI, said in a report Friday that its leading indicator of industrial production fell to the lowest level since 2010, when the survey began. Capacity utilization fell to 68%, the lowest level on record for any month….

Labor Minister Manoel Dias said the World Cup was partially to blame for a “drastic drop in consumption,” which led to less hiring.

Just two years til Rio ’16!

World Cup Hit Brazil’s Economy Hard [WSJ MoneyBeat blog]

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  1. Posted by UFO | July 21, 2014 at 9:19 PM

    Cry me a rio

  2. Posted by autocorrect | July 21, 2014 at 9:20 PM

    - Brazil