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Unemployment in Santiago is up, first time since 2005

Tuesday, January 29th 2008 - 20:00 UTC
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Unemployment in Chile's capital Santiago reached 8.9% in December 2007, according to a report compiled by the Department of Economy at the University of Chile.

This figure marks a 0.2 percent increase in the rate of unemployment in comparison to the same period in 2006, and a 0.9 percent increase from September, 2006. This is the first time since 2005 that there has been an increase in unemployment in Santiago, according to the report which is published by the university every trimester. University of Chile economist Oscar Landerretche says this is a trend he expects will continue in the coming three months. The instability in foreign markets coupled with the threat of recession in the United States is blamed for the increase in unemployment, said University of Chile academic David Bravo. Bravo said that, in general, the number of available jobs in Santiago is not increasing, although there is a constantly growing workforce. The sectors most affected by rising unemployment were construction, personal service industry jobs and retail. The Santiago Times

Categories: Economy, Latin America.

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