Colombia | In November, the unemployment rate remained at low levels nationwide

Summary

The national unemployment rate in November 2023 was 9.0%, down from 9.5% in November 2022, and the urban rate was 8.7%, down from 9.1% a year earlier. Seasonally adjusted, the national rate increased by 0.2 p.p. between October and November 2023 and the urban rate by 0.1 p.p..

Key points

• Key points:
• At the national level, the increase in the unemployment rate between October and November was due to a larger increase in the participation rate (proxy of labour supply) than in the occupation rate (proxy of labour demand) in the period (seasonally adjusted). Annual national job creation accelerated in November (3.1% y/y), relative to October (2.1%) due, to some extent, to a lower base of comparison in November 2022 than in October 2022.
• At seasonally adjusted levels, at 22.8 million occupied in November, national employment was slightly higher than in October (22.7 million) this year but below the peak observed in the June to August period (23.2 million on average).
• Services, as a whole, were the main generators of employment in the last year, contributing 675,000 jobs out of the 699,000 jobs created in the year (96% of the employment created). On the other hand, trade (-151 thousand) and industry (-12 thousand) destroyed employment in the year.
• By category, employment was mainly created in large cities (70% of the employment created in the year), was non-wage (63%) and mainly of women (54%).

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