MercoPress. South Atlantic News Agency

Unemployment in Magallanes 2.3%, lowest in Chile

Magallanes continues to figure as Chile's Region with the lowest unemployment according to figures released by the local chapter of the country's Statistics Office in Punta Arenas.

During the mobile quarter February/April unemployment in Magallanes Region was 2.3% compared to the Chilean average of 6.8%. In metropolitan Santiago where a significant percentage of Chileans live, the rate dropped from 9.1% to 6.8%. Compared to a year ago the current rate of 2.3% in Magallanes is 2.2 percentage points less and 0.3% down from the previous mobile quarter. In statistical terms this means that in Magallanes Region there are 1.490 people out of a job. This is made up of 1.300 jobless and 150 who are looking for employment for the first time. The total labor force in the period, according to the official release, was 65.440, which is 0.6% higher than a year ago and 0.2% over the previous quarter. These numbers also indicate that 56.240 people are out of the labor market, 590 more than a year ago. However overall the unemployment figures are evidence of the good economic moment Chile is going through and how the country is gradually returning to a more tight labor market. Unemployment in 1998 averaged 3.7%; 1999, 6.7%; 2000, 4.9%; 2001, 5.6%; 2002, 4.2%; 2003, 6.3%; 2004, 7%; 2005, 6.4% and 2006, 4.5%.