Unemployment climbs to 8% during November 2008–January 2009 trimester

SANTIAGO.- The Instituto Nacional de Estadística (INE) reported today that unemployment reached 8% during the November 2008-January 2009 trimester.

The figure surpassed market expectations, which had predicted 7.9%.

The rate is higher than the 7.2% figure registered for the same trimester of the previous period, as well as the 7.5% figure reported for the October-December trimester of 2008.

Over the last 12 months, global numbers have shown a marked decrease in the growth rate of both the labor force (1.4%) and employment (0.5%), with increases lower than those reported during 2008.

The inferior increase is a result of the slower growth in Salaried Employment (1.9%) and a decrease in Self-Employment (-2.3%) which, according to the INE, is a category that has displayed predominately negative behavior in recent years. Figures also decreased among Employers (-7.3%) and Domestic Services (-2.9%).

By industry, there was a marked loss of dynamism among Construction as well as Social, Municipal and Social Services. Decreases were also registered among Financial Services, Business and Mining over the last 12 months.