With a slight reduction compared to last year.
News Colombia.
The National Administrative Department of Statistics (DANE) revealed that the unemployment rate in Colombia during October 2024 was 9.1%, consolidating itself as one of the lowest figures in the last eight years.
This figure represents a slight improvement compared to the 9.2% recorded in October 2023 and represents sustained progress in the labor market, although with signs of stagnation in recent months.
The director of DANE, Piedad Urdinola, indicated that this rate reflects an unemployed population of 2,351,000 people.
On the other hand, the employed population reached 23.3 million, with a significant increase of 311,000 jobs compared to the same month last year.
Sectors with the highest job creation
Among the sectors that drove this growth, the following stand out:
- Trade: 289,000 new jobs.
- Manufacture: 275,000 new jobs.
- Construction: 79,000 new jobs.
These results are aligned with an improvement in economic expectations and greater dynamism in consumption and private investment. However, the public sector has shown limitations, losing 106,000 jobs due to fiscal restrictions.
Persistent challenges
Although unemployment at the national level showed a reduction, significant regional challenges remain.
QuibdĂł (26.2%), Riohacha (15.3%) and Florencia (12.9%) recorded the highest unemployment rates, reflecting a disconnection between economic growth and labor inclusion in these areas.
On the contrary, cities such as MedellĂn (7.7%), Bucaramanga (8.3%) and Neiva (8.5%) led with the lowest unemployment levels, standing out for effective strategies for economic revitalization and job creation.
Challenges by economic sectors
Although commerce and manufacturing continue to generate employment, other branches such as accommodation (-93,000), professional activities (-97,000) and public administration (-106,000) faced significant drops in employment. These losses are associated with fiscal adjustments and changes in the dynamics of the labor market.
Trends towards the end of the year
Bancolombia’s research team projects that the urban unemployment rate could drop to 9% in the final months of 2024, driven by a more favorable macroeconomic environment. However, the need for public policies that strengthen employability in strategic sectors and lagging areas is emphasized.
A closing with moderate optimism
Despite persistent challenges, October’s data reflects the lowest unemployment rate since 2016, when it was 8.6%. This achievement highlights the progress in the labor market, although it also shows the importance of continuing to implement strategies to reduce the unemployment gap in the most vulnerable regions of the country.
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📅November 29, 2024https://t.co/qNKaELGC5q pic.twitter.com/dPKWWLHIoi— DANE Colombia (@DANE_Colombia) November 29, 2024
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