VETERAN EMPLOYMENT SOARS WITH LOW UNEMPLOYMENT RATE OF 2.8% IN DECEMBER
The Veteran unemployment rate fell to a remarkable 2.8% in December, according to the most recent Biden administration jobs report. This demonstrates once more the ability of Veterans to assist themselves, regardless of their current situation. Veterans had a higher employment rate than non-Veterans, according to data on the unemployment rate that the Labor Department issued.
The decrease in the unemployment rate should be highlighted and celebrated because it also means that support networks such as a Veteran job fair are effective. Veterans are outperforming non-Veterans in employment possibilities, and this confirms that they still have the dedication and commitment to continue working even after serving the country.
Jobs Surge Helping Decrease Veteran Unemployment Rate
The economy added hundreds of thousands of jobs in November and December, compared to the revised figure for payroll employment of 36,000 jobs added in October. This is according to the most recent Bureau of Labor Statistics report, and this indicates a strong labor market recovery.
According to the BLS study, jobs were lost in retail commerce, while those added were in government, social assistance, health care, and leisure and hospitality. The 227,000 figure was a significant increase over the poor growth in October when hurricanes Helene and Milton had a negative impact on the economy and when 40,000 jobs were lost due to the Boeing strike.
Navy Federal Credit Union's corporate economist, Robert Frick, reviewed the BLS report and warned that while the data may be unpredictable, the long-term trend for veterans in the labor market was favorable. Frick also stated that the Veteran’s job situation is good and stable as of November and December.
Job Growth and Low Unemployment Under Biden
The BLS report was also used by President Joe Biden to compare his record to that of Trump throughout his first term, which ended in January 2021. Biden stated that he inherited the worst economic crisis in decades, with unemployment above 6% when he took office. Regardless, they managed to lower the average unemployment rate of any administration in 50 years, with unemployment at 4.1%.
With today's report of 256,000 new jobs in December, Biden’s administration has created over 16.6 million jobs over the course of his administration. He added that this is the only administration in history to have created jobs every single month.
However, prior to the COVID-19 epidemic sweeping across early 2020, the economy was doing well under the first Trump administration. This is according to archival BLS monthly job statistics. The BLS stated that the unemployment rate was 3.2% in January 2020; however, by April 2020, it had risen to 12.1%.
The Veteran Job Market is Strong, but There Are Challenges for Female Veterans
According to Robert Frick, corporate economist for Navy Federal Credit Union, the trend of the decreasing Veteran unemployment rate is definitely good for our service members. However, Veterans' labor market performance can be challenging to evaluate because they represent a relatively small sample in the general population.
Furthermore, Frick said that Veterans tend to skew to the higher-end professions in the labor market. This is in part because of the GI Bill's educational benefits and the military's training of service members for the transition to civilian life. Kevin Rasch, regional director of Warriors to Work at the Wounded Warrior Project, also noted that the labor market for Veterans is still in a good place, and job offers are still good overall.
Rasch also mentioned that transitioning military personnel typically concentrate on higher-end technology professions and mentioned the Transition Ready program run by the Wounded Warrior Project helps service members find employment possibilities.
Rasch mentioned certain figures for female Veterans that may become concerning despite the fact that the December jobs data was good for Veterans. According to the BLS study, the jobless rate for post-9/11 women Veterans was 5.3% in December, while it was 3.7% for all female Veterans.
Empowering Veterans Beyond Employment
Veterans' employment circumstances have greatly improved. However, there is still a lot of work to be done. Government agencies can create a similar cooperative range of public-private partnerships aimed at tackling underemployment and empowering Veterans.
Higher education institutions can assist in developing effective programmatic interventions, researching causes and associated risk factors, and standardizing the concept of underemployment for Veterans. Data can be gathered by nonprofits to guide studies and promote targeted change.
Top companies can also keep up their leadership efforts to tackle the issue and further decrease the veteran unemployment rate. Such cooperation can help shape legislation and offer cooperative initiatives that support Veterans and transitioning military members as they look for a new chapter in their careers.
Read next:
SHARE:
TAGS:
JOIN OUR NEWSLETTER
Get the latest news and military discounts
