Colombia | Effects of Covid-19 on October employment

Summary

The labor market continued its recovery process in October, but it slowed down. Job creation was more related to the economic recovery and less to sectoral openings. Moving forward, the slow recovery of the labor market will continue

Key points

• Key points:
• In October the balance of the effect of the pandemic on the labor market leaves (compared to February 2020): 1.8 million jobs lost, 1.1 million additional unemployed and an increase in the number of inactive people by 1.1 million.
• The quality of employment deteriorated further in October, with an increased participation of informal employment.
• The public administration, hotels and restaurant, and transportation and storage sectors were the main employment drivers in October. Not so the agricultural sector, which had contributed significantly to employment in August and September
• The pandemic increased the gender labor gap. In October, the gender gap in the unemployment rate was exacerbated.
• Moving forward, we expect the slow recovery in the labor market to continue and employment formality to deteriorate further.

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