Colombia | August: unemployment rate remained low

Summary

The national unemployment rate for August was 8.6%, the lowest for an August since 2001. Seasonally adjusted, the rate was 9%, remaining at low and relatively stable levels since March. This has been driven by a combination of good employment growth and a slower pace of labor supply growth.

Key points

• Key points:
• The urban unemployment rate was 7.8%, significantly lower than the national average and the urban rate recorded a year ago (10%). Seasonally adjusted, the rate was 8%, marking three consecutive months of decline from the historic low observed in June (8.4%).
• National employment grew by 393,000 positions compared to August of last year.
• Salaried employment, a more formal type of employment, grew at a higher rate than non-salaried employment (3.3% and 0.2% annually, respectively). The private sector fully accounted for the increase in salaried employment, contributing 3.8 percentage points to its annual variation.
• The main drivers of employment were: industry, construction, and transportation.
• Employment growth was concentrated among men (+445,000 positions). On the other hand, female employment registered a contraction (-52,000 positions).

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