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Chile's unemployment climbs higher than forecast

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Staff writer ▼ | May 3, 2016
Chile's jobless
LatAm   Unemployment rose to 6.3% in Chile

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.

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.

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