On Friday, the Bureau of Labor Statistics released Veteran unemployment data for the month of July. While the unemployment rate for all Veterans fell to 6.9 percent, the unemployment rate for Iraq and Afghanistan-era Veterans (or Gulf War II-era Veterans) fell more than half a percentage point to 8.9 percent. The steadier 12-month moving average also fell to 10.4 percent—the lowest figure we’ve seen since 2009.
While much remains to be done, since November 2011, post-9/11 Veterans have experienced the lowest unemployment rate in any combined eight-month period since 2008—with the rate reaching single digits in five of those months. Additionally, the trend over the past 31 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 more than two and a half years—a strong sign of recovery following the worst economic recession 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 January 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 a far more conservative measure 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.
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.