Colombia | Effects of COVID-19 on May employment

Summary

May shows progress in the labor market, due to the gradual opening of the economy, with the recovery of 15% of the jobs and 33% of the labor force lost between February and April. However, the high level of inactivity seen until April translated into an increase in the number of the unemployed in May.

Key points

• Key points:
• The number of workers increased from 16.4 million in April to 17.4 million in May (seasonally adjusted).
• The number of unemployed increased by 14% between April and May, from 4.1 million to 4.7 million (seasonally adjusted) and the unemployment rate rose from 19.9% in April to 21.2% in May (seasonally adjusted).
• The reduction in the number of jobs over the entire year, as of May, shows a majority loss of informal employment.
• Moving forward, we expect that the effects of the COVID on the occupation will continue to be mitigated, as the economy advances in its process of gradual opening. Its effects on unemployment are slower and therefore we will continue to observe high unemployment rates, which will continue to be far from their pre-COVID levels.

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