According to the latest data from the National Administrative Department of Statistics, DANE, corresponding to the month of November 2023, Colombia presents mixed indicators in its labor market, revealing changes compared to the same period of the previous year.
In November 2023, the national unemployment rate registered a slight decrease, standing at 9.0%.
This data shows an improvement compared to the same month in 2022, when the rate was 9.5%. This indicator reflects the proportion of people of working age who are looking for work and do not find it, providing crucial insight into labor market dynamics.
The overall participation rate, which measures the proportion of the working-age population that is active in the labor market, experienced an increase.
In November 2023, it reached 64.1%, representing an increase of 0.7 percentage points compared to the same period of the previous year (63.4%).
Regarding the employment rate, DANE indicated that the percentage of people who, being of working age, have a job in November 2023 was 58.3%, showing a growth of 0.9 percentage points compared to November of 2022 (57.4%).
The Great Integrated Household Survey, GEIH
The GEIH, which collects detailed information on employment conditions, income and demographic characteristics, reveals a comprehensive overview of the Colombian labor market.
The survey includes aspects such as sources of income, social health security, and general characteristics of the population, such as sex, age, marital status and educational level.
These DANE data provide a fundamental tool to understand the dynamics of employment in Colombia, not only at the national level, but also in regional and departmental terms, allowing analysts, legislators and entrepreneurs to make informed decisions to address the challenges and take advantage of the opportunities in the country’s labor market.