Colombia | National unemployment rate was 9.1% in September

Summary

The national unemployment rate in September was 9.1%, similar to the 9.3% reported a year ago. Seasonally adjusted, the unemployment rate was below its average level in the first half of the year, which stood at 10.5%. By September, the labor market displayed reduced dynamism, with a slowdown in job creation.

Key points

• Key points:
• In September, national employment reached 23.1 million people, lower than in August, which saw 23.3 million employed individuals, based on seasonally adjusted figures. On an annual basis, by September 2024, employment increased by 107,000 jobs, with job creation decelerating from the 1.1% annual growth rate observed in August to 0.5% in September.
• By sector, services accounted for the largest share of employment creation by September, generating nearly 70% of total jobs added for the year. Agriculture ranked third in job creation, adding 97,000 positions. Meanwhile, the Public Administration, Health, and Education sector (-45,000 jobs) saw a decline in employment, as did Construction (-32,000 jobs) and Manufacturing (-38,000 jobs).
• Between September 2023 and September 2024, the informality rate, measured as the ratio of non-salaried workers to the total employed, declined from 52.4% to 52.2%.
• Regionally, rural areas showed better employment outcomes than urban areas as of September, likely associated with the strong performance in agricultural activity.

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