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Chile's unemployment climbs higher than forecast

Staff writer ▼ | May 3, 2016
Chile's jobless rate rose more than expected in the first quarter as two years of sluggish growth finally caught up with the labor market.
Chile's jobless
LatAm   Unemployment rose to 6.3% in Chile
Unemployment rose to 6.3% from 5.9% in the month-earlier period and from 6.1% the year earlier, the statistics agency reported.

Manufacturing increased 2.7% in March from the year earlier, while retail sales gained 1.4%.

After two years of analysts forecasting doom and gloom for Chile's labor market and being repeatedly proved wrong, the economic slowdown is beginning to take its toll.

Earlier this week, a separate survey by Universidad de Chile found that unemployment in the Santiago Metropolitan Region leaped to a six-year high of 9.4% in March.

The long-heralded weakness in the jobs market now threatens to undermine consumer spending in an economy already reeling from two years of declining investment.