VETERAN UNEMPLOYMENT REPORT
General Summary from CPS Veterans Report
The BLS CPS report states there were 20,857,000 veterans left in the United States in August, down 26,000 from the 20,883,000 veterans in July. As I have said many times, since the Vietnam War the trend of veterans in the United States has continuously been decreasing. America has lost two-thirds of its veterans since the Vietnam War. This is an important issue for veterans as with decreasing numbers, they are losing the political power they had in the past.
BLS CPS reports there were 10,522,000 (50.4%) veterans in the workforce in August. That represents a decrease of 99,000 from the 10,262,000 (50.9%) veterans in the workforce in July.
453,000 (4.3%) veterans were unemployed in August, up 4,000 from the 449,000 (4.7%) veterans who were unemployed in July. 10,335,000 veterans were not in the workforce in August, an inecrease from the 10,262,000 who were not in the workforce in July. This number shows there are a lot of veterans sitting on the sidelines and not participating in the workforce. This is also true of civilians where 90 million are not participating in the workforce. In spite of what politicians may say, you cannot have a thriving economy with so many people not participating in the workforce.
The really good news is the overall veteran unemployment rate continues to be lower than the national unemployment rate. The fact that the veteran unemployment rate of 4.3% is lower than the national unemployment rate of 4.9% is great news for the veteran community. And again demonstrates that veterans are in high demand in the civilian work place. The August 4.3% veteran unemployment rate again confirms that veterans are obtaining employment at a better rate than nonveterans.
In August there were 225,000 veterans in the 18 to 24-year old cohort, down from 234,000 in July. Of those, 156,000 (69.3%) were in the civilian labor force, of which 146,000 (64.8%) were employed and 10,000 (6.5%) were unemployed. For comparison, the national 18 to 24-year old unemployment rate in August was 9.3% (1,832,000).
There were 1,748,000 veterans in the 25 to 34-year old veteran cohort in August, up 5,000 from July. Of this group, 1,423,000 (81.4%) were in the workforce of which 1,330,000 (76.1%) were employed and 94,000 (6.6%) were unemployed. 325,000 were not in the workforce. For comparison, the national unemployment rate for the 25 to 34 year olds in August was 5.3% (1,881,000).
The unemployment rates for the older veteran cohorts are as follows:
August July June
35 to 44 year olds 4.2% (83,000) 5.6% (110,000) 4.1% (80,000)
45 to 54 year olds 4.0% (113,000) 3.1% (85,000) 3.0% (81,000)
55 to 64 year olds 3.6% (83,000) 4.7% (111,000) 4.0% (91,000)
65 year olds and over 3.7% (71,000) 4.0% (76,000) 4.5% (88,000)
The above numbers indicate that older veterans in August and for the last three months found jobs at a better rate than non-veterans given that the national unemployment rate is 4.9%. Most economists view unemployment rates of below 4.5% to 5.0% as just the normal churn of people moving between jobs. Some refer to it as natural unemployment. No matter what one calls it, the overall numbers for veteran unemployment are very strong when compared to their civilian counterparts!
There were 2,015,000 women veterans in August. 1,248,000 (61.9%) were in the civilian labor force of which 1,160,000 (57.6%) were employed, and 87,000 (7.0%) were unemployed. 767,000 women veterans were not in the workforce in August The national unemployment rate for women in August was 5.1% (3,755,000).
Gulf War II Veterans
There were 3,846,000 Gulf War II era veterans in August. 3,154,000 (82.0%) were in the workforce. Of those, 3,007,000 (78.2%) were employed and 147,000 (4.7%) were unemployed. 692,000 Gulf War II era veterans were not in the labor force.
There were 2,508,000 black veterans in August, of which 1,441,000 (57.5%) were in the civilian work force. 1,330,000 (53.0%) were employed and 111,000 (7.7%) were unemployed. The national Black unemployment rate in August was 8.1% (1,594,000). The national Black unemployment rate is higher than the Black veteran unemployment rate. These numbers again confirm the advantages of minorities joining the military to obtain employment skills and work experience. From these numbers, the Black veterans are definitely finding jobs at a better rate than their Black civilian counterparts!
There were 310,000 Asian veterans in August of which 220,000 (70.9%) were in the workforce. 215,000 (69.3) were employed and 5,000 (2.3%) were unemployed. 90,000 were not in the labor force. The national Asian unemployment rate in August was 4.0% (387,000).
There were 1,408,000 Hispanic veterans in August of which 837,000 (59.5%) were in the workforce. 786,000 (55.8%) were employed and 51,000 (6.1%) were unemployed. 571,000 were not in the workforce. The national unemployment rate for Hispanics in August was 5.5% (1,451,000).
There were 17,452,000 White veterans in August of which 8,510,000 (48.8%) were in the workforce. 8,181,000 (46.9%) were employed and 329,000 (3.9%) were unemployed. 8,942,000 White veterans were not in the workforce. The national White unemployment rate in August was 4.3% (5,253,000).
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