MercoPress. South Atlantic News Agency

Lowest unemployment in Chile since 1998

Unemployment in Chile dropped to 6.9% during the last quarter of 2005 ending the twelve months with 8%, the lowest since 1998 reported Friday the Chilean Statistics Institute.

The fourth quarter unemployment data was the lowest since Q4 of 1997, and represents a 0.7 points reduction over the previous quarter.

The number of employed during 2005 increased 3.1% reaching 5.825.813 with 173.250 new jobs created in the twelve months and an additional incorporation to the work force of 119.910 people taking the total force to 6.318.563. The annual employment rate was 49.2% which represents 0.7% increase over the previous year, 2004.

The number or unemployed reached 492.750 which represent a 9.8% decrease, thus reverting the tendency of 2003 and 2004 when the number actually increased 6.1%.

Magallanes with 5% unemployment in the last quarter of 2005 remains one of Chile's Regions with the lowest rates. The 5% represents 0.9% less than the previous quarter and 2.2 points less than the fourth quarter of 2004.

Unemployment in Magallanes is made up of 4.4% hard core and 0.6% of first time job seekers.

In the great Santiago unemployment in the last quarter of 2005 was 11.2%, which represents a 0.9 point less than in the same period of 2004. This is equivalent to 350.000 people out of a job.