Posted on Aug 6, 2016
Post-9/11 Veteran Unemployment Rate Ticks Upward
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Unemployment rates for all veterans and especially for post-9/11 veterans went up in July despite a rosy government jobs report Friday that showed the U.S. economy strengthening.
The Bureau of Labor Statistics jobs report for July put the national unemployment rate at 4.9 percent, the same as in June, while overall veterans' unemployment rates were at 4.7 percent, up from 4.2 percent in June, even as employers made far more hires than expected.
The jobless rate for post-9/11 veterans, called Gulf War II-era veterans by the BLS, was pegged at 5.9 percent, up from 4.4 percent in June and 4.0 percent in May. Male post-9/11 vets had an unemployment rate of 5.8 percent in July, while female post-9/11 vets had an unemployment rate of 7.0 percent, the BLS said.
Unemployment rates for post-9/11 veterans had hit double digits during the recession before steadily coming down since 2011, according to BLS statistics.
In 2011, Congress passed and President Obama signed into law a program giving employers tax credits for hiring unemployed veterans. Other programs also have encouraged companies and government agencies to hire veterans.
Jackie Maffucci, research director for the Iraq and Afghanistan Veterans of America, cautioned against drawing conclusions from the latest statistics on post-9/11 veterans jobless rates.
"While seemingly a large jump in the post-9/11 generation, the smaller sample size of the population sometimes results in more dramatic changes in rates from month to month," Maffucci said.
"While one month does not a trend make, it will be important in the next few months to monitor whether unemployment among the newest generations goes back down, as employment continues to be a primary concern among IAVA members," she said.
The rise in veterans' unemployment came despite what Jason Furman, chairman of the president's Council of Economic Advisers, called a BLS report that projected continued growth for the economy.
"The economy added 255,000 jobs in July following robust job growth in June, as the unemployment rate held steady at 4.9 percent and labor force participation rose," Furman said in a statement.
"U.S. businesses have now added 15.0 million jobs since private-sector job growth turned positive in early 2010, and the longest streak of total job growth on record continued in July," Furman said.
The overall positive jobs trends in the latest BLS report were hailed by Michelle Meyer, head of United States economics at Bank of America Merrill Lynch. "This was everything you could have asked for, maybe more," Meyer told The New York Times. "We're seeing new entrants into the labor market, which implies a longer runway for the business cycle."
The July statistics were in contrast to numbers released last week showing disappointing economic growth in April, May and June. The April-June quarter was the third consecutive period in which the economy advanced at less than a 2 percent annual rate, the weakest stretch in four years.
@SMSgt Minister Gerald A. Thomas , Capt Christopher Mueller , CPT (Join to see) , COL Mikel J. Burroughs , Sgt Joe LaBranche , SSgt (Join to see), TSgt Hunter Logan Capt Seid Waddell SrA Christopher Wright LTC Stephen F. PO2 Ed C. PO2 Mark Saffell MSG Tom Earley PVT James Strait Alan K. @po1 william "chip" PO1 William "Chip" Nagel @SGT John McConnell SGT John " Mac " McConnell, LTC Stephen C., @sgt robert george SGT Robert George
The Bureau of Labor Statistics jobs report for July put the national unemployment rate at 4.9 percent, the same as in June, while overall veterans' unemployment rates were at 4.7 percent, up from 4.2 percent in June, even as employers made far more hires than expected.
The jobless rate for post-9/11 veterans, called Gulf War II-era veterans by the BLS, was pegged at 5.9 percent, up from 4.4 percent in June and 4.0 percent in May. Male post-9/11 vets had an unemployment rate of 5.8 percent in July, while female post-9/11 vets had an unemployment rate of 7.0 percent, the BLS said.
Unemployment rates for post-9/11 veterans had hit double digits during the recession before steadily coming down since 2011, according to BLS statistics.
In 2011, Congress passed and President Obama signed into law a program giving employers tax credits for hiring unemployed veterans. Other programs also have encouraged companies and government agencies to hire veterans.
Jackie Maffucci, research director for the Iraq and Afghanistan Veterans of America, cautioned against drawing conclusions from the latest statistics on post-9/11 veterans jobless rates.
"While seemingly a large jump in the post-9/11 generation, the smaller sample size of the population sometimes results in more dramatic changes in rates from month to month," Maffucci said.
"While one month does not a trend make, it will be important in the next few months to monitor whether unemployment among the newest generations goes back down, as employment continues to be a primary concern among IAVA members," she said.
The rise in veterans' unemployment came despite what Jason Furman, chairman of the president's Council of Economic Advisers, called a BLS report that projected continued growth for the economy.
"The economy added 255,000 jobs in July following robust job growth in June, as the unemployment rate held steady at 4.9 percent and labor force participation rose," Furman said in a statement.
"U.S. businesses have now added 15.0 million jobs since private-sector job growth turned positive in early 2010, and the longest streak of total job growth on record continued in July," Furman said.
The overall positive jobs trends in the latest BLS report were hailed by Michelle Meyer, head of United States economics at Bank of America Merrill Lynch. "This was everything you could have asked for, maybe more," Meyer told The New York Times. "We're seeing new entrants into the labor market, which implies a longer runway for the business cycle."
The July statistics were in contrast to numbers released last week showing disappointing economic growth in April, May and June. The April-June quarter was the third consecutive period in which the economy advanced at less than a 2 percent annual rate, the weakest stretch in four years.
@SMSgt Minister Gerald A. Thomas , Capt Christopher Mueller , CPT (Join to see) , COL Mikel J. Burroughs , Sgt Joe LaBranche , SSgt (Join to see), TSgt Hunter Logan Capt Seid Waddell SrA Christopher Wright LTC Stephen F. PO2 Ed C. PO2 Mark Saffell MSG Tom Earley PVT James Strait Alan K. @po1 william "chip" PO1 William "Chip" Nagel @SGT John McConnell SGT John " Mac " McConnell, LTC Stephen C., @sgt robert george SGT Robert George
Post-9/11 Veteran Unemployment Rate Ticks Upward
Posted from military.com
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Alan K.
SP5 Mark Kuzinski - I would rather err on the side of caution than blow smoke and appear as I don't know what I'm talking about!
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I would point out that Veteran unemployment is much higher than the U3 statistic from the BLS. Take a look at the U6 Participation Rate (Real Unemployment) which is around 10% nationally...read: http://www.marketwatch.com/story/the-real-unemployment-rate-is-still-close-to-10-2016-07-08
Additionally, the percentage of those Americans that can work that actually are working is only 62.2%...worst in almost 30 years; I'd like to see the percentage of Veterans who are part of the 37.8%...my hypothesis is that it is higher....I'll do some digging and report back. RLTW
Additionally, the percentage of those Americans that can work that actually are working is only 62.2%...worst in almost 30 years; I'd like to see the percentage of Veterans who are part of the 37.8%...my hypothesis is that it is higher....I'll do some digging and report back. RLTW
The ‘real’ unemployment rate is still close to 10%
The 287,000 surge in new jobs don’t tell the full story about an economic recovery in which millions of Americans have been left behind.
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SGT Robert George
I agree with you LTC I feel the political side likes to toot their horn and say look what Ive done and paints a rosy picture with bogus , fictitious facts of a pending disaster ...
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LTC John Campbell
They do the same with the Consumer Price Index (CPI); which directly impacts any (if at all) COLA you get in your retirement and/or any Military Pay Raise. Anyone who has gone to the grocery store lately knows that everything is more expensive...but the "Inflation Rate" is "magically" very low...interestingly, taxes are not included in the CPI formula, so if you have to pay more in sales/use/property tax, it does not show up in the CPI...here is a good information site: http://www.inflationdata.com/inflation/Consumer_Price_Index/HistoricalCPI.aspx?reloaded=true
Historical Consumer Price Index (CPI)
Consumer Price Index data from 1913 to the Present in table format. The CPI is used to calculate the inflation rate.
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SGT Robert George
LTC John Campbell - I dont know the ins an outs of this but fuel surcharges fluctuate with up and down rates at the pump to transport the product to the market but at the supermarket the food prices rarely ever go down ... IMO !!
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I decided early on to make my own money instead of relying on someone else.....Wasn't fun to start but now, the unemployment rate does not affect me. All I can say is "The Trades" will set you free! So Have a plan B and C......I must edit this to reflect the absolute FAIRY TALE they call the unemployment rate...Couldn't let that one go!
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Alan K.
I restore Vintage Furniture, Transportation (Boats and Cars) and interesting Americana....I am also when need arises a Gen. Contractor. As a matter of fact have something on the fire regarding building smaller vacation/retreat homes off grid.
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CPT John Sheridan
Alan K. - interesting point. The BLS collects and publishes six unemployment rates. While U3 is the "official" rate, U6 is the most comprehensive. If you were one of the surveyed households, how you would be counted would depend on a number of things. Freelancers (or self-employed) can be difficult to categorize. Is it full time? Are you seeking employment? Other factors count too.
I have been self-employed since 2012. The money has been good, but I didn't fall onto a payroll. Last year, I decided to become an employee of my own company, so that puts me on a payroll. [while doing payroll is more complicated than quarterly estimated tax payments, it provides a variety of other benefits]
It sounds like you do work that you have a passion for. Do you restore things for customers or do you do it on spec and sell your product?
I have been self-employed since 2012. The money has been good, but I didn't fall onto a payroll. Last year, I decided to become an employee of my own company, so that puts me on a payroll. [while doing payroll is more complicated than quarterly estimated tax payments, it provides a variety of other benefits]
It sounds like you do work that you have a passion for. Do you restore things for customers or do you do it on spec and sell your product?
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