Figure 8 a) Employment (moving quarter/moving quarter change, thousands)  b) Compensation index (IR) (percent, annualized quarterly velocity, moving  150  12  100 50 0  Real IR  Nominal IR  160  8  140  6  120  4  100  60 40  -2  20  -4 21  22  Source: Central Bank of Chile based on INE data. IALI  80  0  -100  Sence (*)  180  10  2  -50  c) Labor demand (index, January 2021 = 100, moving 3-month average  0 02  07  12  17  Source: Central Bank of Chile based on INE data. 13  22  20  21  22  (*) Information from System of Employment Board Analysis and Sence Labor Observatory. The indexes were built with information downloaded from trabajando.com and laborum.cl with nationwide coverage. The number of ads corresponds to ads uploaded by firms. Latest data available is from 31 October. Sources: System of Employment Agency analysis, Sence Labor Observatory, and Central Bank of Chile.
14  Figure 11 Structural decomposition of 10-year zero rate (*) (basis points, accumulated since 1 July 2019)  5 4  Growth Risk premium Total  Monetary Policy External  3 2 1 0 -1 -2 Jul.19  Jan.20  Jul.20  Jan.21  Jul.21  Jan.22  Jul.22  (*) Historical decomposition of the long rate from a BVAR based on the identification strategy proposed by Eterovic and Eterovic (2022), incorporating an external bloc. The exogenous bloc encompasses all U.S. shocks (monetary policy, growth, risk aversion and pure risk), which have been aggregated for simplicity. Source: Central Bank of Chile based on RiskAmerica data. 15  Figure 12 Trend growth trajectory (percent)  5 4 3 2 1 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Source: Central Bank of Chile. Figure 13 Inflation forecast (1) CPI inflation (annual change, percent)  14  Core inflation (2) (annual change, percent)  CPI  12  MP Report Sep.22 MP Report Dic.22  10  8  14  Core CPI  12  MP Report Sep.22 MP Report Dec.22  10  8  6  6  4  4  2  2  0  0 19  20  21  22  23  24  19  (1) Gray area, as from fourth quarter of 2022, shows forecast. (2) CPI without volatiles Sources: Central Bank of Chile and National Statistics Institute (INE).