Economists had estimated unemployment would be 10.2 percent, according to the median forecast of 18 analysts surveyed by Bloomberg.
Finance Minister Mauricio Cardenas said a tax bill presented to Congress this month seeks to cut the number of Colombians who are out of work by reducing the cost to employers of hiring.
Colombia’s unemployment rate is the highest among major Latin American economies tracked by Bloomberg. Central Bank chief Jose Dario Uribe said Oct. 2 that the Andean nation has a high level of “structural” unemployment, which can’t be managed with monetary policy.
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