Colombia | June was a good month for the labour market: unemployment rate was 9.3%

Summary

The June 2023 national unemployment rate was 9.3%, the lowest rate for a month of June since 2018. The decline in the June unemployment rate responded to a rebound in job creation (4.7% y/y) from 1.7% in May. Employment for the month was high at 23.1 million.

Key points

• Key points:
• Employment for the month was 23.1 million, a high level, which exceeded the high levels observed during the period March to May 2023 (22.8 million on average).
• Despite the high level of employment, the June 2023 occupation rate of 58.3 per cent was below that observed before the pandemic in June 2019 (58.8 per cent). Similarly, the June 2023 participation rate of 64.3 per cent was lower than that observed in June 2019 (65.1 per cent).
• The decline in the unemployment rate in June responded to a rebound in job creation (4.7 per cent y/y) compared to 1.7 per cent in May.
• The services sectors, led by "public administration, health and education" and "professional activities" were the main contributors in job creation in the past year. These two sectors together contributed more than half of the employment created in the year (52%).
• By category, salaried, large cities and women contributed the most to annual job creation in June. Salaried employment contributed more than 90%, large cities 66% and women 57%.

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