Unemployment numbers drop for younger veterans - Army News | News from Afghanistan & Iraq - Army Times

Unemployment numbers drop for younger veterans

The unemployment rate for Iraq- and Afghanistan-era veterans dropped sharply in August but rose for other veterans and for the general population, according to the Bureau of Labor Statistics.

The drop in unemployment may not be good news — part of the reason for the decline could be that some younger veterans have stopped looking for work.

In their Friday release of August employment statistics, the BLS, an arm of the Labor Department, reports the national unemployment rate rose one-tenth of a percentage point to 9.6 percent.

For all veterans over age 18, the unemployment rate climbed from 8.4 percent in July to 8.7 percent in August. One year ago, it was 7.7 percent.

A bright spot for veterans is the 9.4 percent unemployment rate for veterans who served since September 2001. While this is still higher than the national rate, the latest figure is lower than the 11.3 percent rate reported for this group of veterans a year ago, and is also lower than the 11.5 percent unemployment rate reported for them in July.

The Labor Department’s jobs report gives no indication why the rate fell so sharply for Iraq- and Afghanistan-era veterans. It could be a statistical anomaly because unemployment rates are calculated based on small samples, or it could be a sign that many younger veterans have stopped looking for work.

While not talking specifically about veterans, the report notes that the number of long-term unemployed — those who have been out of work for 27 weeks or more — fell by 323,000 people, to 6.2 million. Still, 42 percent of those unemployed in August have been out of work for six months or longer.