Brazil's Sao Paulo state loses 10,000 jobs

SAO PAULO: An important Brazilian business association says the nation's most industrialized state lost 10,000 jobs in October as the global financial crisis shook Latin America's largest economy.

The Sao Paulo Federation of Industries says the job losses for Sao Paulo state were the first registered for the month in five years.

The federation said Thursday that job losses were most severe for businesses that make leather goods, shoes and furniture.

Brazil was on an extended economic boom before the financial crisis hit in October.

Shares of big Brazilian companies and the nation's currency have been battered as foreign investors reduced their holdings in favor of investments seen as safer during the turmoil.