Veteran unemployment reached lowest point in seven years, according to the recently released statistics from the U.S. Bureau of Labor Statistics.
The record applies to all veterans, including Iraq veterans and Afghanistan veterans. The record unemployment low rate comes amidst sustained efforts to reintegrate this group in the working force. The U.S. Bureau of Labor Statistics released the numbers on Friday.
Compared to the onset of the decade when veteran unemployment reached double digit numbers, this is really good news. Both the overall veteran group, as well as recent veterans have seen more employment in recent years.
With the latest statistics, the U.S. Bureau of Labor Statistics places veteran unemployment at 3.9 percent this month. In September, veteran unemployment was calculated at 4.3 percent. The previous low record concerning veteran joblessness was reached this year in August.
The U.S. Labor Department formally started registering numbers in 2008. Since then, veterans and Gulf War era veterans have made strides in the employment rates. For the past five years, veteran unemployment has been outpacing the national unemployment rate.
Two years ago, the U.S. Bureau of Labor Statistics estimated the overall veteran joblessness rate at 6.9 percent. In 2014, the same rate was calculated at 7.2 percent.
Veteran unemployment reached lowest point in seven years this month. Generally, the trend for recent veterans who cannot find employment has placed itself above the national unemployment average. October marked the point when for a third consecutive month recent veterans unemployment dropped drastically as well compared to the general population. For this group, the U.S. Bureau of Labor Statistics, calculated that the unemployment rate for October is 4.6 percent, the lowest since April 2008.
At the national level, October saw the addition of 271,000 jobs. As an immediate effect, the national unemployment rate decreased to 5 percent this month, exceeding analysts’ estimates. With veterans representing 7.5 percent of the available U.S. workforce, it’s still daunting that 422,000 were unable to get employment during the past month.
While sustained efforts to offer career training programs and employment opportunities to veterans are continuing, these must be met by the national job market as well.
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