Colombia’S Unemployment Rises To 9.7%: Job Market Shifts In August 2024

(MENAFN- The Rio Times) The unemployment rate in Colombia climbed to 9.7% in August 2024, marking a 0.4 percentage point increase from the previous year.

This shift reflects a changing job market landscape across various sectors of the economy. The Department of National Statistics (Dane) reported 136,000 more unemployed individuals, bringing the total to 2.5 million.

However, the number of employed persons also grew by 257,000, reaching 23.4 million citizens. Analysts suggest that while unemployment rates have risen, the overall job market remains resilient.

Andrés Langebaek, Director of Economic Studies at Grupo Bolívar, emphasized the importance of considering both unemployment rates and employment numbers.

The creative industries sector emerged as a bright spot, adding 195,000 new jobs and showing 9.2% annual growth. Other sectors contributing to job creation included commerce, hospitality, agriculture, and transportation.



However, some key sectors faced challenges. Construction and public administration experienced job losses, with the latter showing a notable decline in employment creation.

This trend may impact the sector's added value in upcoming economic indicators. City-specific data revealed varying unemployment rates across Colombia .
Regional Disparities and Gender Challenges
Quibdó, Riohacha, and Ibagué reported the highest unemployment rates, while Santa Marta, Bucaramanga, and Medellín boasted the lowest figures.

Gender disparities persisted in the job market. Women, particularly those aged 25 to 54, faced higher unemployment rates compared to their male counterparts.

This trend highlights ongoing challenges in achieving gender equality in employment. The seasonally adjusted unemployment rate, which economists use to eliminate temporary variables, stood at 10%.

This figure represents a 0.5 percentage point increase from the previous year but remains unchanged from July 2024. Despite economic challenges, some analysts remain cautiously optimistic.

Juan David Robayo, Senior Analyst at Itaú, noted that the labor market has not shown significant deterioration when accounting for seasonal effects.

As Colombia's economy continues to evolve, the job market faces both opportunities and challenges. The rise in creative industry jobs offers a promising sign, while struggles in traditional sectors signal the need for adaptive strategies.

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