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Tuesday, July 10, 2012

VETERAN UNEMPLOYMENT RATE AT 9.5 PERCENT


FROM:  U.S. DEPARTMENT OF VETERANS AFFAIRS 
Post-9/11 Veteran Unemployment Rate Continues to Fall; At 9.5 Percent
July 6, 2012 by Brandon Friedman
On Friday, the Bureau of Labor Statistics released Veteran unemployment data for the month of June. The unemployment rate for one closely watched group, Iraq and Afghanistan-era Veterans (or Gulf War II-era Veterans), fell more than three full percentage points to 9.5 percent. The steadier 12-month moving average also fell to 10.7 percent—the lowest figure we’ve seen since 2010.

While much remains to be done, since January 2012, post-9/11 Veterans have experienced the lowest unemployment rate in any combined six-month period since 2008—with the rate reaching single digits in four of the last six months. Additionally, the trend over the past 30 months—since January 2010—remains downward for America’s most recent Veterans.

Month-to-month unemployment rate figures for this demographic are fairly volatile, but the long-term trend has shown a consistent decline over this two and a half-year period—a strong sign of recovery following the worst economic disaster since The Great Depression.


Because chunks of data are often better indicators of real movement, another way to view the trend is by looking at the moving (or rolling) average. The chart below captures 12-month averages for the periods ending each month since December 2010. This chart looks a bit different, but the trend is similar: modest, but markedly downward. This is significant because the moving 12-month average is far more conservative than the month-to-month data. When we see downward movement in the moving average, we can be confident that the unemployment rate among post-9/11 Veterans is, indeed, falling. 


All that said, while we’re heartened that the unemployment rate among younger Veterans has fallen over the long term, it is still too high as long as thousands of returning Veterans still can’t find meaningful work.

That’s why VA is collaborating with the White House and the Chamber of Commerce on hiring fairs across the country through the “Hiring Our Heroes” Program. It’s also why we’re urging Veterans to prepare themselves for the job market by taking advantage of programs like the Post-9/11 GI Bill and the Veterans Retraining and Assistance Program (VRAP).

If anything, today’s positive figure reminds us that there’s still much work to be done. VA, in conjunction with the White House, remains committed to ensuring that the unemployment rate for all Veterans continues its downward path.