After knowing the figures that Dane shared about the labor market in Colombia during November 2024, the Minister of Labor, Gloria Inés Ramírez, highlighted the decrease in the unemployment rate by 0.8 percentage points compared to the previous year, standing at 8.2%.
(Read: Unemployment falls, but informality remains: factors that would explain this phenomenon).
“This is great news for the country. For the fifth consecutive month, job creation continues. For the month of November there was an increase of 420 thousand employed people compared to the same month in 2023. Which means that Colombia is doing well, that we are improving the economy, there are more employed people and greater purchasing power,” the Minister pointed out.
“We can proudly say that between 2022 and 2023, one million 624 thousand people managed to escape monetary poverty, and one million 119 thousand people managed to escape extreme monetary poverty,” noted.
(Also: Which were the sectors that contributed the most and the least to unemployment in November?).
“The figures show the solidity of the economy, along with the economic growth trend that occurred in October 2024 with an increase of 2.94% in the Economy Monitoring Indicator, ISE,” specified the head of the labor portfolio.
The increase in employed people was accentuated in the group of 25 to 54 years old with an increase of 416 thousand, people over 55 years old grew by 226 thousand employed people, while among young people it fell by 222 thousand.
The increase in workers and private employees stands out with 268 thousand more employees; worker, government employee with 91 thousand more employees; domestic employee with 29 thousand more employees; boss or employer 29 thousand more; day laborer or laborer with 28 thousand more; self-employed worker with 18 thousand, while unpaid family worker was reduced by 39 thousand.
In terms of economic sectors, the activities that increased employment the most were: public administration and defense, education and human health care with 188 thousand, manufacturing industries with 147 thousand and accommodation and food services with 112 thousand.
In the 13 cities and Metropolitan Areas there was a reduction in the unemployment rate of 0.7 percentage points, going from 8.7% to 8.0%.
The unemployment rate for women was 10.3%, showing a reduction of 0.8 percentage points compared to November 2023 (11.1%), while for men it was 6.5% with an increase of 0.9 percentage points. The unemployment differential between men and women increased by nearly 0.1 percentage points, going from 3.7 to 3.8.
Among young people between 15 and 18 years old, there was a reduction in the unemployment rate of 0.3 percentage points, going from 16% in the September-November 2023 quarter to 15.7% in the same period of 2024.
(Here: With the increase in the minimum wage, how much should you pay a domestic employee?).
Rural unemployment fell 1.0 pp, going from 7.5% (Nov. 2023) to 6.5% in November 2024, reducing by 51 thousand people; and the rural employed population grew by 66 thousand jobs.
Finally, the Minister added: “the above figures motivate the Ministry of Labor to continue with the route of generating and protecting jobs in Colombia according to the “Jobs for Life” program, which has managed to benefit 3,156 companies, which receive direct incentives for their payrolls, with which 714,510 new jobs were generated”.
PORTFOLIO
