Colombia april urban unemployment at 11.8% Vs 12.4% year ago

Colombia's urban unemployment rate, traditionally the main measurement of joblessness in the country, declined to 11.8% in april from 12.4% a year earlier, the national statistics institute, known as DANE, said Tuesday.

The decline extends a trend of lower unemployment readings in the country's biggest cities over the last few months.

In a nationwide survey, which economists say produces a less exact indicator of the job market, unemployment stood at 11.2%, down from 12.2% a year earlier.

The lower unemployment figure comes despite devastating rains over the last months that some economists warned could generate a temporary spike in unemployment.

More than 2 million people have been affected by the downpours.

Colombia's stubbornly high unemployment rate represents one of the top economic challenges for President Juan Manuel Santos, who has pledged to create 2.5 million jobs in the next four years by easing labor laws.

The decrease in the urban unemployment rate, based on a survey of 13 metropolitan areas, comes amid faster economic growth.

The Colombian economy expanded by 4.3% in 2010. 

Finance Minister Juan Carlos Echeverry has said that he expects the economy to grow as much as 6% this year.