Colombia’s Urban Jobless Rate Rose to 10.2% in December

Colombia’s urban unemployment rate rose to 10.2 percent in December, the national statistics agency said.

The jobless rate compared with 9.8 percent the previous month, the agency reported in Bogota today. The median forecast of 14 economists surveyed by Bloomberg was for unemployment of 10 percent.

Banco de la Republica cut its policy rate a quarter point for a third consecutive time, to 4 percent, at its January meeting, saying the Colombian economy is growing below its potential. Central bank co-director Juan Jose Echavarria said yesterday that some of his colleagues on the board want to continue cutting interest rates.

Gross domestic product expanded 2.1 percent in the third quarter from a year earlier, the slowest pace in Latin America after Argentina and Brazil. Colombia’s unemployment rate is the highest among major Latin American economies tracked by Bloomberg.

To contact the reporter on this story: Oscar Medina in Bogota at omedinacruz@bloomberg.net

To contact the editor responsible for this story: Andre Soliani at asoliani@bloomberg.net

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