Image Copyright: Lt. Col. Matthew J. Leonard / US Army
There may be more hope for veterans and service members returning from deployment. The unemployment rate for the latest generation of veterans dropped significantly last month, falling below the national unemployment rate.
The May unemployment rate of 5.3 percent for post-9/11 veterans is down a point and a half from April’s 6.8 percent and down a full two points from the May 2013 rate of 7.3 percent. This drop comes during high-profile pushes to help such vets find work, coming from the White House and companies across the private and public sectors.
It’s the lowest number that’s been recorded since the Bureau of Labor Statistics began tracking this rate in September 2008, with November 2008 at 5.6 percent being the second best. The nation as a whole added 217,000 jobs in May, with the unemployment rate staying at 6.3 percent.
The drop may be connected to national economic trends, vet hiring initiatives, or inaccuracies that may result from the sample. For example, the number doesn’t account for veterans who are disabled, in school, or gave up looking for work.
For veterans of all generations, the May unemployment rate dropped to 5 percent, down from April’s 5.6 percent and the May 2013 rate of 6.6 percent.
The decreasing unemployment rate shows hope for all service members. It shows our country is addressing the need and recognizes the valuable skills veterans have to offer, including leadership, commitment, and strong work ethic.
With America’s presence in Afghanistan winding down and many more troops about to come home, the hiring organizations will need to push even harder if we are to maintain the improved veteran unemployment rate. What needs to happen to help our veterans and incoming troops find jobs? Should the administration implement more veteran hiring initiatives? Do we need to make transitioning programs more accessible - with courses on resume writing, and job hunting techniques, etc?
Comment below or weigh in on the discussion here and connect within the military network.