Unemployment Rate: Chile

Analysis# Chile Unemployment Rate Chile's unemployment rate stands at 8.3% in 2026, representing a substantial improvement from its catastrophic 1983 peak of 21%. The current rate remains above the country's all-time low of 6.1% in 1997, yet reflects a dramatic 27.8% decline since 1980. Over four decades, Chile has transformed its labor market from severe instability to relative stability, though joblessness persists above historical minimums. The pandemic created a sharp disruption in 2020, when unemployment spiked to 10.8%, breaking a seven-year period of relative stability around 7%. Recovery began immediately thereafter, with rates declining through 2022 (7.9%) before stabilizing in the 8.3-8.7% range from 2023-2026. This plateau suggests Chile's unemployment has settled into a sustainable mid-range, neither approaching crisis levels nor returning to the lean labor market of the late 1990s.