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Weekly Report - 30 March 2017 (WR-17-12)

TRACKING TRENDS

COLOMBIA | Unemployment creeps up. On 28 March Colombia’s national statistics department (Dane) reported that the country’s national unemployment rate stood at 10.5% in February, 0.5 percentage points higher than in the same month of 2016. The marginal increase in unemployment in February suggests that the domestic economic slowdown is starting to impact on the local labour market. This is problematic for the government led by President Juan Manuel Santos, who since assuming office for a second time in 2014 pledged that the national unemployment rate would be in single digits by the end of its term in 2018. While temporarily achieved in 2014, since then, unemployment has been on the rise due to the slowdown in domestic economic activity, stemming from the fall in international commodities prices. Yet on the more positive side, the Dane figures show that the overall number of people in employment in Colombia in February stood at 21.85m, the highest such figure of the last 16 years.

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