Colombia | January 2023, employment remains stable at elevated levels

Summary

The national unemployment rate stood at 13.7% and the urban unemployment rate at 14.5%, both lower than those observed a year ago. The employed reached 22.2 million people (+108 thousand seasonally adjusted), slightly above the average level observed between April and December 2022.

Key points

• Key points:
• The national unemployment rate was 9 tenths of a percentage point lower and the urban rate was 3 tenths of a percentage point lower than in the same month of 2022.
• Between December 2022 and January 2023, national employment, adjusted for seasonal factors, increased by 108 thousand people (0.5%) and urban employment by 67 thousand (0.6%).
• The recently published data continue to show a good performance of national salaried (formal) employment, which grew 8.9% annually, compared to a 0.6% drop in non-salaried (informal) employment and 3.8% growth in total employment.
• Services and industry continued to contribute positively to annual job creation, but public administration, health and education, and construction did not.
• By 2023, we expect lower job creation than that observed in 2022, which would lead to an end-of-year employment level similar to the current one at both the urban and national levels.

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