MercoPress. South Atlantic News Agency

Unemployment in metropolitan Santiago down to 11.9%

Bachelet administration’s strong stimulus plans to create jobs and provide funds are “showing their fruits”

A report released by the University of Chile placed the unemployment rate of Santiago’s greater metropolitan area at 11.9%. The number marks a nearly one percentage point decrease from March, when the unemployment rate climbed to 12.8% in the metropolitan area.

President Michelle Bachelet commented that the decrease in unemployment is a “sure sign that the worst moments of the economic crisis have passed.”

The president also said that increased employment is a result of government initiatives that are “showing their fruits.”

Bachelet’s government has created more than 120,000 emergency jobs with state public works, housing, and infrastructure projects to fight the effects of the global economic crisis. Housing Ministry also announced a 71% increase in funds to fuel second semester projects, while the Public Works Ministry has announced a 51.7% increase.

“We are optimistic, but we will remain focused on fighting an unemployment rate that is still very high,” said Bachelet’s Labour minister, Claudia Seranno.

“To do so we are carrying out the measures of the National Agreement for Employment”.

Seranno said that the effects of the National Agreement for Employment, which was signed by Bachelet in May in order to fight unemployment through six measures, including the creation of a training program to teach workers new trades, have yet to be seen, as the measures of the pact were only implemented 20 days ago.

In the past 12 months, the unemployment rate has increased 3.8 percentage points, from an 8.2% rate in June 2008. The number of unemployed in Santiago currently stands at 333,110.

By Samuel Crihfield - Santiago Times