Colombia | Unemployment in May showed mixed signals and female employment increased

Summary

In May, unemployment showed mixed signals, with a reduction at the national level but an increase at the urban level. The service sectors led job creation and women were the main contributors to this creation, accounting for 99% of the jobs created compared to May 2022.

Key points

• Key points:
• The seasonally adjusted national unemployment rate stood at 10.5% and the urban unemployment rate at 11.4%, representing a 0.2 pps drop and a 0.2 pps increase, respectively, compared to May 2022.
• Employment grew by 383 thousand people compared to the same month in 2022, representing a growth of 1.7%. This growth, although positive, is the continuation of a trend of lower job creation with respect to previous months.
• By branch of activity, the sectors that contributed the most to job creation, compared to May 2022, were the services sectors, particularly trade and repair of vehicles (+356 thousand), followed by accommodation and food services (+136 thousand). In contrast, the public administration and artistic activities sectors lost 134 thousand and 196 thousand jobs, respectively.
• Women's employment, which has a higher participation in the service sectors, was the big winner in job creation in the month of May. Of the 383 thousand jobs created nationwide, 380 were for women, or 99% of the month's job creation.

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