WRAPUP 2-Chile jobless rate rises; output disappoints

(Adds analysts' comments, byline)

By Antonio de la Jara

SANTIAGO, Sept 27 (Reuters) - Chile's jobless rate in the June-to-August period rose to 7.6 percent, its highest rate for 11 months and above analysts' expectations, the government reported on Thursday.

But the rate, which was up from 7.0 percent in the prior period, was the lowest for the June-to-August period since 1998 and was well below the 8.5 percent recorded in the same period a year earlier.

Analysts polled by Reuters had forecast 7.1 percent for the period, which is traditionally one of high unemployment in Chile as it corresponds to the Southern Hemisphere winter when jobs in agriculture are scarce.

The National Statistics Institute (INE), which released the unemployment figures, also said Chile's industrial production rose 4.0 percent year-on-year in August, in line with a rise of 4.0 percent in July.

The rise was below the median forecast of eight economists polled by Reuters, who had predicted a rise of 5.1 percent.

The relatively high jobless rate and low output figure could have implications for growth data for August, and also for next month's central bank decision on interest rates.

"These figures are going to result in a slight reduction in estimates for the August IMACEC reading and increase the chances that at its next meeting the central bank will keep rates on hold, although we still expect a rate hike," said Pedro Tuesta, an analyst at 4cast in Washington.

The IMACEC is Chile's monthly economic growth index. It groups 90 percent of the components of gross domestic product, which is published quarterly.

Alberto Ramos, senior emerging markets economist at Goldman Sachs in New York, noted that "this is the second consecutive month of disappointing industrial production figures.

"This, allied with weaker labor market figures and renewed strength in the Chilean peso, reduces the probability that the central bank will hike rates in October," he said, "although we believe the central bank should still push the policy rate to 6 percent given the challenging inflation dynamics and growing wage pressures."

The bank's current benchmark rate is 5.75 percent, following three consecutive rate rises in the past three months.

The INE also said on Thursday that Chile, which provides about a third of the world's copper, produced 429,238 tonnes of the metal in August, up 4.0 percent from the same month last year.

Copper output from January through August this year rose 3.9 percent compared with the same period last year to 3.624 million tonnes, while in July this year, Chile's copper output was 453,724 tonnes.

The INE said Chile produced 3,686 tonnes of molybdenum in August this year, up 3.3 percent from the same month last year.