Vets Unemployment Rate at Record Low 2.7 Percent: Labor Department
The unemployment rate for veterans dropped in October to a record low 2.7 percent as the overall jobless rate ticked down to a 17-year low of 4.1 percent, the Labor Department said last Friday.
The Bureau of Labor Statistics (BLS) report for October showed that veterans' unemployment dropped from 3.0 percent in September to 2.7 percent in October. The unemployment rate for the civilian and veteran workforce was down from 4.2 percent in September to 4.1 percent in October, BLS said.
In the report, the BLS said the improved numbers offset a decline in September that "largely reflected the impact of Hurricanes Irma and Harvey" in Florida and Texas.
The 2.7 percent unemployment rate for all veterans in October was down from 4.3 percent in October 2016 and reflected a long-term decrease, the BLS said. In January 2010, the veterans unemployment rate was nearly 10 percent.
For male veterans, the unemployment rate was 2.8 percent in October, down from 4.1 percent in October 2016. For female veterans, the unemployment rate was 2.1 percent in October, compared with 5.6 percent in October 2016.
For post-9/11 veterans, classified as Gulf War-era II veterans by BLS, the unemployment rate was 3.6 percent, compared to 4.7 percent in October 2016, and also reflected a long-term downward trend. In a March 2010 report, the BLS said the unemployment rate for post-9/11 veterans in all of 2009 was 10.2 percent.
For male post-9/11 veterans, the unemployment dropped from 4.7 percent in October 2016 to 3.7 percent last month. For female post-9/11 veterans, the unemployment rate in October was 3.3 percent, compared with 4.5 percent in October 2016.
The White House immediately touted the BLS numbers as evidence that President Donald Trump's plans to boost the economy are working.
"With nearly 1.5 million new jobs since the president took office, including over 260,000 last month, it's clear his agenda is putting Americans back to work," the White House said in a statement.
"Under this president, the unemployment rate has hit a 17-year low, the stock market is soaring, and confidence in the economy is hitting new highs," the White House said. President Trump put it more simply in a Tweet: "JOBS, JOBS, JOBS!"
He said, "Back home, starting to do -- I will tell you, and you're reading and you're seeing -- really, really well. The stock market is at an all-time high. Unemployment back in the United States is at a 17-year low. Almost two million jobs have been added since a very, very special day: It's called Election Day, November 8th ."
-- Richard Sisk can be reached at Richard.Sisk@Military.com.
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