Unemployment Rate in Chile in October 2023

This Tuesday, October 31, the National Institute of Statistics (INE) reported that the unemployment rate in Chile stood at 8.9% during the rolling quarter of July-September 2023.

The unemployment rate in Chile represented an increase of 0.9 percentage points (pp.) over the past twelve months (the eleventh annual increase following continuous declines since March-May 2021).

Meanwhile, in the Metropolitan region, the unemployment rate for the analyzed quarter reached 9.6%, increasing by 1.2 pp. in twelve months.

During the same period, the estimated unemployment rate in Chile grew by 1.5%, and by economic sector, trade (8.2%), public administration (17.1%), and transportation (9.9%) showed the highest positive impacts.

Additionally, the INE detailed that the increase in the labor force (3.0%) was greater than that of the employed individuals (2.0%).

Concerning the unemployed population, there was an increase of 14.2%, influenced by those who were jobless (14.5%) and those seeking work for the first time (10.5%).

Compared to the previous year, the participation and employment rates increased again, reaching 60.9% and 55.5%, growing by 1.2 pp. and 0.6 pp., respectively.

On the other hand, the population outside the labor force decreased by 2.2%.

In women, the unemployment rate in Chile was 9.2%, increasing by 0.9 pp. in twelve months, while the participation and employment rates stood at 51.7% and 46.9%, advancing by 2.0 pp. and 1.3 pp., respectively.

In men, the unemployment rate in Chile was 8.7%, with an increase of 0.8 pp., while the participation rate reached 70.6%, and the employment rate was 64.4%, with respective variations of 0.4 and -0.2 pp.

-Unemployment Rate in Chile vs. Occupation-

Employed individuals experienced an increase of 2.0%, influenced by both women (4.0%) and men (0.6%).

The sectors contributing to this increase were trade (4.8%), public administration (13.0%), and health activities (9.9%); while the ones with the most significant declines were construction (-6.8%), households as employers (-8.5%), and communications (-11.6%).

In terms of occupational category, formally salaried individuals had a positive impact (2.7%), informally salaried individuals (3.4%), and self-employed workers (0.9%).

Meanwhile, the informal employment rate stood at 26.7%, with a 0.4 pp. decrease in a year. Informally employed individuals grew by 0.6%, influenced by women (1.1%) and men (0.1%).

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