The Bank of the Republic published a new report on the labor market, in which the entity highlighted how for this year the forecasts place the national unemployment rate between 10.5% and 13.0% on average, with 11.7% as the central value, given the growth forecasts of the Issuer’s technical team.
(Read: Banrep: raising interest rates to moderate the country’s growth).
In its report, prepared by the Bank’s Labor Market Analysis Group (Gamla), it was mentioned that at the end of 2021, the labor market figures show signs of a slow recovery, “at a markedly lower rate than that of economic activity.”
According to the report, job creation in the national aggregate paused in October and November, especially due to a contraction of employment in rural areas and intermediate capitals, while employment in cities expanded slightly.
(Read: 2022, a year of high pressure for the price of the dollar).
This, according to the report, has kept the number of employed at about one million jobs below the levels observed at the start of the pandemic.
On the side of the job offer, indicated the Issuer in its analysis, one year is completed no substantial increases. This, after the significant contraction suffered by participation at the beginning of the pandemic and its subsequent recovery along with the gradual reopening of the economy.
(Read: Inflation in January was 1.67% and took the annual figure to 6.94%).
This phenomenon, added to the lower dynamics in job creation, is what led the national unemployment rate to remain “relatively stable” in recent months.
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