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In July, the unemployment rate was 14.3%, lower than in July 2020, but higher than in July 2019. Between June and July 2021, with comparable data, the unemployment rate decreased by 1.1 p.p.. This reduction was leveraged on employment, which grew considerably in July.
In June 2021, the national unemployment rate stood at 14.4% and the urban unemployment rate at 17.1%, lower than the observed the same month last year, but much higher than in 2019. The seasonally adjusted unemployment rate remained relatively stable in June and the employment level was similar to that of October 2020.
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.
In February, employment was boosted by the easing of mobility restrictions. By that month, 79% of the employment lost when it had deteriorated the most had been recovered. Its recovery is expected to continue and its pace will depend on economic growth, the progress of the pandemic and the measures to contain it.
In 2020, the behavior of the labor market was determined by the lockdowns. Employment fell by 6 million people during the worst period of the restrictions. Subsequently, the labor variables adjusted positively, without reaching, however, the levels observed before the covid-19
In November the labor market continued its recovery, at a slower pace. In November there were no additional sectoral openings so job creation was more related to the speed of the economic recovery. The unemployment rate continued to fall, with a less dynamic labor supply.
The labor market continued its recovery process in October, but it slowed down. Job creation was more related to the economic recovery and less to sectoral openings. Moving forward, the slow recovery of the labor market will continue
Consumption in Colombia had its maximum fall in April, since then it has gradually recovered with some ups and downs due to new strict quarantines implemented in some cities. Household consumption patterns have changed and a return to normality will depend on the recovery of the labor market.