MercoPress. South Atlantic News Agency

Magallanes with lowest unemployment in Chile: 4.3%

Magallanes Region in the extreme south of Chile has retained the lowest unemployment mark with just 4.3% during the July-September quarter according to the latest report from the country's Statistics Office, INE.

This is considerably below the Chilean national average of 7.9%.

In practical terms this means that the number of people out of jobs in Magallanes in the quarter considered was 2.820.

According to the latest report made public by Magallanes INE office Director General Gabriel Parada the region's labor force totaled 65.650 people, an insignificant drop from the same period a year ago, 60 people, and a 2.1% increase (1.370 people) over the previous quarter.

Of that total universe, the employed reached 62.830 which represent a 2.4% increase (1.490 people) over the same period a year ago and compared to the previous quarter the number of employed increased 1.2%, equivalent to 760 people.

Statistics show that 55.430 people are outside the labor force which represents a 1.2% drop over the same quarter a year ago.

Unemployment reached 4.3% which is 2.4 points less than a year ago and compared to the previous quarter a 0.9% increase. The Magallanes unemployment rate is made up of a 3.9% hard core and 0.5% of first time job seekers.

In Santiago, Chilean Finance Minister Andres Velasco described the latest national unemployment figures as "very positive".

"The 7.9% rate is almost two points below the same period a year ago and is the best since 1998, which means more income for families, improved demand and greater dynamism for the economy", said Velasco.

He also pointed out that manufacturing is contracting more people which indicates there's confidence in the performance of the economy and confirms the declining tendency of unemployment.

"In the last twelve months we have 180.000 new formal jobs which is a sign of confidence in the economy and in the future", he added.