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Bloomberg
Chile’s jobless rate falls for a sixth straight month and retail sales rose, adding to growing evidence of recovery in one
of Latin America’s richest economies.
Unemployment falls 0.1 percentage points to 8.4% in the three months through September, but fell short of the 8.3% median estimate in a Bloomberg survey, the National Statistics Institute reported. The labour force grew 13.3% in the month while the number of unoccupied people dropped.
Retail sales rise 19.9% from a year ago, compared with a 21.2% forecast, while manufacturing grew 4.3% and industrial production contracted as much as 0.7%.
Chile’s economy will expand as much as 11.5% in 2021, the fastest growth in records going back sixty years, according to the central bank. Government aid and early pension fund withdrawals have spurred demand. Still, officials reimposed some restrictions in Santiago this week as coronavirus cases rise.
Going forward, a potential fourth retirement savings withdrawal being debated by legislators could inject as much as $20 billion into the economy, according to Finance Ministry estimates. The bill already passed the lower house and will now be discussed on the Senate floor.