Bloomberg News

Colombia July Urban Unemployment Rate Was 11.5%, Agency Says

August 31, 2012

Colombia’s urban jobless rate rose to 11.5 percent in July, the national statistics agency said today in Bogota.

Economists had estimated unemployment would be 11.1 percent, according to the median forecast of 14 analysts surveyed by Bloomberg.

Outgoing Finance Minister Juan Carlos Echeverry told lawmakers last month that the rate of unemployment in the Andean nation is “unsatisfactory.” Echeverry this month ordered the Treasury to start its own program of dollar purchases, separate from the central bank’s, in an effort to protect Colombian jobs by weakening the peso.

The peso has gained 6.2 percent this year, the third-most of 170 currencies tracked by Bloomberg, leading to complaints from exporters such as coffee and flower growers, and industrialists, who say it is making it harder for them to compete.

To contact the reporter on this story: Matthew Bristow in Bogota at mbristow5@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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