Colombia | In October, unemployment declined and annual employment growth slowed down

Summary

In October, the national unemployment rate was 9.7%. Employment growth showed a slowdown with respect to the growth rate observed in previous months. The commerce, artistic activities and public administration sectors were the most involved in job creation.

Key points

• Key points:
• In October, the national unemployment rate fell, standing at 9.7%, in line with the levels reached recently. In previous years, the last time this low level of unemployment rate was observed was at the end of 2018.
• Between October 2021 and October 2022, national employment showed strong growth of 7.2%, slowing, however, from the previous month and the average growth of 2022.
• Salaried employment continued to drive national employment between October 2021 and 2022, consolidating the gains in formalization achieved during 2022. Employment in private companies grew by 14%, being the driver of growth in salaried employment and national employment.
• Three service sectors (trade and repair of vehicles, arts and entertainment, and public administration and defense) accounted for 51% of national job creation between October 2021 and October 2022.
• At the end of 2022, we expect year-on-year job creation to be lower than the 7.2% observed in October, as the basis for comparison in 2021 becomes more demanding and employment will retain some stability for the remainder of the year.

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