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on an increase in non - mining and non - residential investment ( mainly machinery and equipment ). while mining investment will eventually return to positive territory during 2018, the gradual adjustment in residential investment is expected to continue during the following quarters ( figure 5 ). figure 5 real annual contribution to gfcf ( * ) ( percentage points ) other non - mining - 4 - 4 housing - 8 - 8 mining - 12 - 12 - 16 - 16 ( * ) for sectoral gfcf, variations of the 2008 benchmark compilation are used. since total gfcf is expressed using the 2013 benchmark compilation, annual variation of other gfcf is adjusted for consistency purposes. estimations for 2015 and 2016 based on available information from listed companies ( fecu ), capital goods corporation surveys, chilean chamber of construction and national accounts by institutional sector. for 2017 and 2018, central bank projection models and sectoral sources are used, including investment plans and capital goods corporation surveys. source : central bank of chile. 9. the labor market continues to gradually adjust and could become a drag on consumption. wage employment declined by 2 % annually in the moving quarter that ended in february, and annual wage growth moderated. in addition, the number of hours worked declined, at a time when an increasing number of workers suggest their workdays are shorter than desired. in any case, this has not translated into an increase in open unemployment, due to flexibility in the chilean labor market : the unemployment rate is still low from an historic perspective. in fact, despite being more precarious, self - employment has acted as a significant buffer to the loss of dynamism in wage employment ( figure 6 ). figure 6 job creation by category wages ( * ) ( annual change, percent ) ( annual change, percent ) wage 15 8 self - employment 7 nominal 7 - 3 - 5 - 6 - 10 0 real ( * ) both the nominal and the real correspond to the average of the annual variation of irem and cmo. source : national statistics institute ( ine ). 10. domestic financial conditions remain favorable, particularly in terms of interest rates. notwithstanding, credit volumes have decelerated with respect to previous years, as a result of overall subdued demand. despite some increase in recent data, arrears ratios are still low, a clear sign that slower growth has not affected the financial health of companies and households. 11. the evolution of the local stock market has caught some attention lately, since the