Colombia | National unemployment rate was 9.5 in November, 2pp lower than in November 2021

Summary

In November 2022, the national unemployment rate was 9.5% and the urban unemployment rate was 9.1%. With this, the national unemployment rate was 2.0 percentage points below that of the same month in 2021, and the urban unemployment rate was 3.1 percentage points below.

Key points

• Key points:
• Adjusting for seasonality, the national unemployment rate for November was 10.8%, remaining relatively stable with respect to the levels reached recently (10.8% on average between May and November of this year).
• Between November 2021 and November 2022, national employment showed strong growth, at 5.7%, but slowing, as expected, its annual growth rate compared to the previous month and to the average growth of 2022.
• National employment created between November 2021 and November 2022 was salaried, driven by employment in private companies, which grew 16.9%. Self-employment, on the other hand, decreased by 2.5% in the period. With this, the progress in formalization achieved during 2022 continues to be consolidated.
• Industry contributed 35% of new employment created between November 2021 and November 2022 and three service sectors contributed 55%: arts and entertainment (29%), retail (15%) and hotels and restaurants (12%).
• For December 2022, we expect year-on-year job creation to be lower than that observed in November, as the basis for comparison in 2021 becomes more demanding and employment will maintain some stability with respect to November. In 2023, employment growth will continue to slow, in line with the slowdown in activity, and by the end of 2023 the number of employed will remain relatively stable compared to the end of 2022.

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