Colombia | Labor market was resilient in 2023, the year ended showing deterioration

In 2023, the average unemployment rate was 10.2% at the national level, decreasing by one percentage point with respect to 2022. Thus, labor variables showed resilience in a context of deceleration. However, by the end of the year, since September, a deterioration in the labor market to be monitored in 2024, was seen.

Key points

• Key points:
• In 2023, the average unemployment rate was 10.2% at the national level and 10.4% at the urban level, decreasing by one percentage point with respect to 2022, when it was 11.2% and 11.4%, respectively. The national employment stood at 22.8 million, 0.8 million more than in 2022 (22.0 million) and 1.5 million more than in 2019 (21.3 million).
• In 2023, employment (average) showed greater dynamism than before the pandemic, growing at 3.4% per year (compared to 1.9% per year on average from 2002 to 2019) but slowed its growth rate, as expected, with respect to 2022, when it grew at 8%.
• In December 2023, the national unemployment rate was 10.0%, 0.3 percentage points lower than in the same month of 2022. Adjusting for monthly seasonality, the unemployment rate, in December 2023, increased, being the fourth consecutive month of increase, with a cumulative increase between August and December 2023 of 1.4 percentage points.
• The 756 thousand jobs created on average in 2023 were 83% in service-related sectors (630 thousand jobs), 66% salaried (497 thousand jobs), 58% female (440 thousand jobs created) and 52% urban (390 thousand jobs).
• In 2023, female employment grew above the national rate, at 4.9%, thus creating 1.4 female jobs for every male job created. However, marked gaps in participation, employment and unemployment rates prevail. The unemployment rate for women in December 2023 was 12.2% compared to 8.4% for men and 10% for the national total.

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