News: Unemployment Rate Among Vets Continues to Decrease

by | Jul 2, 2020 | Blog, News, Resources, Veteran's Benefits, Veterans Affairs

News: Unemployment Rate Among Vets Continues to Decrease

The unemployment rate among Vets continues to decrease for the second month, as the United States is still facing an uphill battle with COVID-19.

Based on data presented by the Bureau of Labor Statistics, the unemployment rate fell in June for the second straight month but unfortunately still sits at much higher than the numbers previously reported in March of this year.

In June, roughly 30,000 fewer Veterans applied for unemployment benefits when directly compared to May, which shifted the unemployment rate from 9% to 8.6% – to translate that percentage to a numerical value, almost 800,000 Veterans across the United States are still unable to find permanent employment.

Before COVID-19 became a horrific pandemic and uprooted life as we once knew it, the unemployment rate among the Veteran community was 4.1% – in the past, it has dropped as low as 2.3%.

66 military and veteran job fairs through November — events nationwide

(A job fair that was specially designed to help Veterans find jobs.)

Labor Statistics: The Facts & Figures

Officials at the Bureau of Labor Statistics announced the following information:

  • At the end of 2019, the national rate of unemployment was roughly 3.7%.
  • At the end of May 2020, the national rate of unemployment was 13.3%.
  • At the end of June 2020, the national rate of unemployment was 11.1%.

Sadly, younger Veterans did not see the same results as their older counterparts, as the unemployment rate for Veterans of Iraq and Afghanistan-era saw their unemployment rate stay put at 10.3%. 

What’s even more startling is that the group itself makes up nearly 40% of all veterans in the United States workforce.

Gulf War-era Veterans, who make up roughly 25% of working Vets saw their unemployment rate come in at around 6%.

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