Colombia | The national unemployment rate was 9.9% in July

Summary

The national unemployment rate stood at 9.9% in July, up from 9.6% in July 2023. Seasonally adjusted, July's rate was down from June and below the average level of the first half of the year, showing an improvement in the labour market.

Key points

• Key points:
• As of July 2024, employment increased by 21 thousand jobs (0.1% growth) in annual terms, bringing job creation from the -0.6% annual rate observed in June to 0.1% in July.
• By sector, in annual terms, six of the thirteen sectors analyzed showed positive contributions to the variation in employment, the most significant being Public Administration, health and education (164 thousand jobs created), followed by industry (67 thousand jobs created) and Information and communications (63 thousand jobs created).
• Between July 2023 and July 2024, the informality rate, measured as the ratio of non-employed to employed, decreased by 1 percentage point, from 53.5% in July 2023 to 52.5% in July 2024.
• Regionally, the thirteen main cities (83 thousand jobs created) and the countryside (34 thousand jobs) created jobs and the rest of the cities destroyed jobs (96 thousand jobs). At the urban level, it was in the 13 main cities where the unemployment rate increased the least during the year, as of July. On the other hand, the rural unemployment rate decreased during the year, from 6.8% in July 2023 to 6.3% in July 2024.

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