Colombia’s unemployment fell to 9.7% in October, the lowest figure in 2022

In October, Colombia’s unemployment rate reached 9.7%, which represents a drop of 2.3 percentage points (pps) compared to what was reported in the same month of 2021 (12%), according to what Dane reported this Wednesday.

Although the reported figure is slightly better than that estimated by the market average, it should not be forgotten that due to seasonal factors it is usual for the unemployment rate to fall in October because there are more jobs to attend the school break week, Halloween and to get ready for the December season.

However, it is worth saying that the unemployment figure reported in October is the lowest this year and for the first time in 2022 it is below 10%. Despite this, Colombia still has 2.4 million people unemployed.

In addition, it is worth mentioning that despite the fact that unemployment fell from 10% in October, the annual reduction of 2.3 percentage points is the fourth worst or with the slowest pace in 2022.

In other details, Colombia had 22.6 million people employed in the labor market, which represented an increase of 1.5 million compared to October 2021 (21.1 million). However, of the total employed, the majority are in private and self-employed jobs that usually have a high degree of informality.

Regarding the unemployed population, the statistical entity stated that there are 2.4 million people in this condition, which represents an improvement since in the same month of 2021 there were 2.9 million unemployed.

Regarding the population outside the labor force, Dane said that Colombia has 14.1 million people in this situation, 536,000 less than a year ago (14.6 million).

With information from Bloomberg Línea

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