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"This increase in rural employment reflects the dynamism and resilience of our agricultural sector," said Claudia Cortés, director of the UPRA.

Ecopetrol has been a dividend cash cow for many years, but those days are surely coming to an end.

The first quarter of 2024 recovery is likely to be modest as well — in large part due to the central bank's refusal to lower rates until December.

Petro called it a "natural" disaster, but there is undoubtably a human element given the money invested previously to repair the road — to no avail.

The move was so far overdue — and was so small — that it has been forgotten already. It is of course a welcome message, but isn't big enough to shock the economy into life.

Banco de la República now surely have to cut rates by at least 25 basis points in a couple of weeks time.

In October, the monthly reading was 0.25%, which led to a year-over-year number of 10.48%. Now, the question is how far it will fall this month.

The real headline grabber should be Banco de la República, which — in its infinite wisdom — has chosen to ignore the other 99% who understand that 13.25% overnight rates choke off an economy.

Will Banco de la República upgrade its November meeting to a "decision" meeting in order to cut rates from 13.25% and start the easing cycle?

The central bank could hit Fedesarrollo's year-end estimate of 12.5% with cuts of 25 and 50 basis points in October and December, respectively.