As for spending, after contracting by 4.2% this year, total consumption will resume positive growth in 2021 and 2022, consistent with a recovery in employment and household income, and with the positive short-term effect of the withdrawal of pension savings. Plus, the low base that will be left by this year’s contraction. The projection is that the recovery of economic growth will result in an increase in employment, albeit with lags that will vary according to the categories of occupations, sectors and activities involved. Thus, it is likely that, with the lifting of the strictest sanitary measures, employment in sectors such as construction and trade will show a significant upturn, as will self-employment. However, in activities more permanently affected by social distancing, changes in production methods or technology, the lags may be last much longer. In the short term, the expected recovery in consumption would be more biased towards goods—with a higher proportion of imports and a lower relative intensity of employment—than towards services. Thus, after rising by 6.8% in 2021, total consumption will reduce its expansion to 1.7% in 2022, considering that the temporary stimulus to household spending provided by the various income support measures will have dissipated and that 2021 will leave a higher basis for comparison. Gross fixed capital formation (GFCF), in particular its construction component, will recover as quarantines are lifted, especially in those works that were shelved.
15  Figure 7  Labor market indicators (1) (2) (index, January 2020=100)  Employment levels  Total hours worked (3)  110  125 110  125  100  100 100  100  90  75  90  75  80  50  80  50  25  70  25  70  20 01 Chile  Abr. 04 Colombia Spain  Jul. 07 U.S.  France  01 20 Japan  U.K.  04 07 Abr. Jul. Peru (right axis.) (1) Monthly data for all except Spain and France, which use quarterly data. The latter use base 2020.Q1=100. (2) Seasonally-adjusted series, except for Colombia, Spain and Peru. (3) Four Chile and France, total hours worked are calculated by multiplying average hours and total workers in the period. Sources: Bloomberg and respective statistics bureaus. Figure 8 Q: How have your workers' wages changed with respect to before the crisis? (percent of total answers)  Annual wage correction Welfare benefits Sales commissions Overtime pay Incentives and bonuses Non-monthly payments Other basic and permanent wages Basic wage Significantly reduced  0 20 Slightly reduced  Slightly increased  Significantly increased  Source: Special survey to companies, Central Bank of Chile.