Chile: Unemployment in the Greater Santiago area reached a record low in December.

Chile: Unemployment in the Greater Santiago area reached a record low in December.

Unemployment in the Greater Santiago area reached a record low in December. According to Universidad de Chile, unemployment declined to 5.2% in December in the Greater Santiago area. While the jobless rate usually benefits from benign Q4 seasonality, the actual reading was a positive surprise. December’s result stood 1pp below its level in the previous year.

The official December unemployment rate will be unveiled next week. We look for a 6.1% reading.