Unemployment reached 7.7% during the August-October trimester

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SANTIAGO.- The unemployment rate reached 7.7% during the August-October trimester which, when compared to the same period in 2006, is a result that exceeds market estimates.

The National Institute for Statistics (INE) reported this morning that the figure is the same as that of the July-September trimester, and 0.3% higher than that of the same trimester in 2006.

Forecasts made by analysts had predicted an unemployment rate of 7.4% due to low economy growth.

"The economy is not growing enough, and that, in turn, does not allow for employment growth, which leaves the figure in line with last year's", said Pedro Tuesta, a Latin American analyst for 4CAST in Washington.

The labor force has currently registered a change of 2.3% in 12 months, supporting the upward trend since the last trimester.

Women had the largest recovery effect on the labor force, with a rate of 4.4% in 12 months, the highest reported since the July-September trimester of 2005.

Regarding the trimester before, the growth in employment was largely boosted by Agriculture.