Report published August 28, 2026
Latam Daily: Chilean Unemployment Extends Rise to 9.5% – Scotiabank
Source and citation context
- Issuer
- Scotiabank
- Report date
- August 28, 2026
- Analysis as of
- Not stated in source
Authors / editors: Aníbal Alarcón, Juan Manuel Herrera, Jorge Selaive, Eduardo Suárez
Finvaulta summarizes Scotiabank'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 rose to 9.5% in the three months ending July, above consensus expectations of 9.4%. The period saw total employment decline year-on-year for the first time in over five years, compounded by adverse El Niño-related weather disruptions.
Key Takeaways
- 1.Chile's unemployment rate climbed to 9.5% in the rolling quarter ending in July, slightly exceeding the 9.4% market consensus.
- 2.Total employment registered its first year-on-year contraction in over five years, driven by a slowdown in informal job creation alongside formal job losses of 54k.
- 3.Weather disruptions linked to El Niño exacerbated labour weakness in July, accounting for a notable portion of the 89k jobs lost during the period.
Table of Contents
- CHILE: UNEMPLOYMENT RATE RISES TO 9.5%, EXCEEDING CONSENSUS EXPECTATIONS
Report data
Chart 1
| Metric | Estimate | Context |
|---|---|---|
| Unemployment Rate | 9.5% | Chile headline unemployment rate exceeding consensus expectations of 9.4% |
| Seasonally Adjusted Unemployment Rate | 9.3% | Stability reflected equivalent declines in both labour force and employment |
| Total Jobs Lost | 89 k | Roughly half attributed to non-seasonal deterioration and weather disruptions |
| Formal Employment Change | -54 k | Formal employment falling by 54k jobs |
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Authors / Editors
Reported Data Context
- Unemployment Rate: 9.5 % (Three-month period ending July 2026) · Source: INE, Scotiabank Economics
- Seasonally Adjusted Unemployment Rate: 9.3 % (Three-month period ending July 2026) · Source: INE, Scotiabank Economics
- Total Jobs Lost: 89 k (Three-month period ending July 2026) · Source: INE, Scotiabank Economics
- Formal Employment Change: -54 k (Three-month period ending July 2026) · Source: INE, Scotiabank Economics