Chile Unemployment Falls for Sixth Month as Economy Recovers
Chile Unemployment Falls for Sixth Month as Economy Recovers
(Bloomberg) -- Chile’s jobless rate fell for a sixth straight month and retail sales rose, adding to growing evidence of recovery in one of Latin America’s richest economies.
Unemployment fell 0.1 percentage points to 8.4% in the three months through September, but fell short of the 8.3% median estimate in a Bloomberg survey, the National Statistics Institute reported Friday. The labor force grew 13.3% in the month while the number of unoccupied people dropped.
Retail sales rose 19.9% from a year ago, compared with a 21.2% forecast, while manufacturing grew 4.3% and industrial production contracted 0.7%.
Chile’s economy will expand as much as 11.5% in 2021, the fastest growth in records going back sixty years, according to the central bank. Government aid and early pension fund withdrawals have spurred demand. Still, officials reimposed some restrictions in Santiago this week as coronavirus cases rise.
Going forward, a potential fourth retirement savings withdrawal being debated by legislators could inject as much as $20 billion into the economy, according to Finance Ministry estimates. The bill already passed the lower house and will now be discussed on the Senate floor.
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