Colombia October Urban Unemployment At 10.2% Vs 11.1% Year Ago

Colombia's urban unemployment rate, traditionally the main measurement of joblessness in the country, declined to 10.2% in October from 11.1% a year earlier, the national statistics institute, known as DANE, said Wednesday.

The decline extends a year-long trend of lower unemployment readings in the country's biggest cities, fueled by a surging economy that is expected to grow by about 5.5% this year.

In a nationwide survey, which economists say produces a less exact indicator of the job market, unemployment stood at 9% in October, down from 10.2% a year earlier, DANE said.

Colombia president Juan Manuel Santos, who took office in August 2.010, has made job creation a priority for his administration. 

Santos has said the government wants the national jobless rate to finish the year below 10%.