Colombia | National unemployment rate rises despite good performance in urban areas

In September 2022, the national and urban unemployment rate were 10.7% and 10.4%, respectively, lower than in September last year, especially in urban areas. Compared to August, the unemployment rate, adjusted for seasonal factors, increased by 0.4 p. p. at the national level and decreased by 0.3 p.p. at the urban level.

Key points

• Key points:
• In September, national employment increased by 106 thousand compared to the previous month, an increase explained almost entirely by the creation of urban employment (99 thousand jobs).
• Services, women, people with primary and secondary education, and those aged 25 to 54 were among those who contributed the most to employment generation between September 2021 and September 2022.
• Cumulatively through September 2022, compared to the same period in 2021, the growth in hours worked (7.3%) at the national level has been lower than that of employment (8.8%). This may be due to the fact that, with the consolidation of the economy, the higher demand for working hours has been met to a greater extent by increases in hiring.
• Through September of this year, there has been strong growth in employment in private companies at the national level, possibly also related to economic consolidation. Between January and September 2022, compared to the same period in 2021, employment in private companies grew by 14.7%, while self-employment grew by 5.6%.

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