Colombia’s Jobless Rate Falls to 12.7%

In January, Colombia experienced a decrease in unemployment, hitting 12.7%. This represents a 1% drop from the previous year’s 13.7%, as stated by DANE.

The participation and employment rates slightly shifted to 63.3% and 55.3% from last January’s 63.4% and 54.7%, respectively.

Employment grew by 2.5% across the country. Agriculture, forestry, hunting, and fishing drove growth, with public administration, education, and healthcare following

However, the information and communications sector saw a decline in jobs.

There were 220,000 fewer unemployed individuals in January 2024 compared to a year earlier, showing notable progress in reducing unemployment.

Additionally, the labor force saw an increase of 254,000 people compared to the previous January.

Significantly, informal employment rates dropped both nationally and in the major cities.

The three-month period ending in January 2024 reported a national unemployment rate of 10.6%, marking a significant change.

The participation rate was 63.7%, with an employment rate of 57.0%.

Colombia‘s economic transition emphasizes sectoral growth, pivotal for employment, showcasing adaptive strategies fostering job creation and stability.