Self-employment, which is mostly informal, grew much more than private employment.
By July 2023 the national unemployment rate was 9.6%. The figure reported by DANE continues to be slightly below that predicted by the Center for Economic Studies (ANIF) and once again points to a 1-digit unemployment rate. This reduction in unemployment is mainly due to the increase in the employment rate during the month of July.
However, self-employment, which is mostly informal, grew more than private employment.
According to ANIF, This is worrying, since, despite the fact that employment continues Increasingly, lower quality employment that does not protect workers is what drives that growth. Therefore, it is relevant to promote measures that facilitate the creation of formal employment in the country.
On a positive note, progress has also been reported in reducing the gender gap in the unemployment rate, as well as improvements for younger people, also explained by greater participation in the labor force and higher employment rates.
However, these populations continue to present considerably higher unemployment rates, with young women being the most affected.
