Chile: No big surprises in activity by sector, while unemployment rate drops to 6.4%

Summary

Manufacture increased 1.0% YoY (BBVAe: +1.5%) in October, foster mainly by paper and cellulose, and metals. Mining production decreased 1.3% YoY while retail sales declined 0.2% YoY, slightly better than expectations. With this print, we estimate the Imacec grew between 1.2% and 1.7% YoY in October. On another hand, unemployment rate decreased to 6.4% in October (vs. 6.6% in September) due to better than expected job-creation (+1.3% YoY), nonetheless with higher contribution from self-employment. All in all, we still expect an upward path in the unemployment rate towards 2015.

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