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Published on Friday, July 2, 2021

Colombia | In May, employment was at October-November 2020 levels

In May, the national unemployment rate was 15.6% and the urban rate was 16.6%. Between April and May, seasonally adjusted data showed stability in the national unemployment rate and a reduction in the urban rate. Throughout the year, both the national and urban unemployment rates have remained relatively stable.

Key points

  • Key points:
  • In May, national and urban employment increased with respect to April, only partially reversing the deterioration observed in April and remaining at relatively low levels, similar to those of October-November 2020.
  • Employment was more dynamic in the second half of 2020 than so far in 2021
  • Although in terms of activity the economy is on average close to its pre-pandemic level, the labor market still shows a significant lag with only 72% of the employment lost in the pandemic (5.9 million people) recovered.
  • Agriculture and the accommodation and food sector were the sectors with the greatest impact on employment in May, compared to April.
  • It is expected that during the second half of the year, job creation will rebound due to the greater opening of sectors that still affected, the return to a more generalized presence in education and the Government's employment support policy. The gradualness of the rebound will depend on the progress of the pandemic and the care strategy to be implemented.

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