Report published August 28, 2026
Chile: Unemployment Climbs to 9.5% as Labor Market Weakness Persists – Goldman Sachs
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 28, 2026
- Analysis as of
- Not stated in source
Authors / editors: Sergio Armella
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Chile's unemployment rate edged up to 9.5% in July, reaching its highest level since 2021 amid persistent job market weakness and private sector salaried employment contraction. Goldman Sachs expects these soft domestic dynamics to contain inflation pressures and guide central bank policy.
Key Takeaways
- 1.Chile's three-month moving average unemployment rate rose to 9.5% in July (9.3% seasonally adjusted), exceeding consensus expectations of 9.4% and up 1.5pp year-to-date to its highest level since 2021.
- 2.Job composition deteriorated further, driven by a 2.0% yoy decline in salaried employment (-2.4% yoy in the private sector) while self-employment grew by 5.5% yoy.
- 3.Continued labor market weakness and soft economic growth are expected to contain inflationary pressures, prompting the central bank to shift focus toward weak domestic dynamics despite a hawkish external environment.
Table of Contents
- KEY NUMBERS (July):
- DETAILS:
- The Unemployment Rate Drifted Even Higher in July
- Employment is Down and the Quality of Jobs Has Also Deteriorated
- Disclosure Appendix
Report data
The Unemployment Rate Drifted Even Higher in July
| Metric | Estimate | Context |
|---|---|---|
| Unemployment Rate (3-month moving average) | 9.5% | Above consensus expectation of 9.4% and matched GS expectation |
| Seasonally Adjusted Unemployment Rate | 9.3% | Up 0.8pp year-to-date |
| Labor Force Participation Rate | 61.7% | 61.9% seasonally adjusted vs 62.3% sa in June |
| Private Sector Salaried Employment | -2.4 % yoy | -136 thousand jobs relative to July 2025 |
| Labor Informality Rate | 26.5% | Tracked at 26.5% vs 26.0% one year ago |
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Authors / Editors
Reported Data Context
- Unemployment Rate (3-month moving average): 9.5 % (2026-07) · Source: INE
- Seasonally Adjusted Unemployment Rate: 9.3 % (2026-07) · Source: INE
- Labor Force Participation Rate: 61.7 % (2026-07) · Source: INE
- Private Sector Salaried Employment: -2.4 % yoy (2026-07) · Source: INE
- Labor Informality Rate: 26.5 % (2026-07) · Source: INE
Themes
Regions
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