The Worst of the Jobless Spike May Be Over for Veterans

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Veterans meet with small business representatives.
Hundreds of representatives from businesses small and large attend the 2019 Small Business Forum in the Davidson Center for Space Exploration at the U.S. Space & Rocket Center in Huntsville, Ala., Oct. 24, 2019. (U.S. Army/Catherine Carroll)

The unemployment rate for all veterans fell to 6.4% in August, with the rate for post-9/11 veterans hitting 7.0%, amid signs of a steady economic recovery from the effects of the COVID-19 pandemic, the Labor Department's Bureau of Labor Statistics (BLS) reported Friday.

The unemployment rate for the general population also dropped out of double digits for the first time since April to 8.4% from 10.2% in July and 11.1% in June, reflecting "the continued resumption of economic activity that had been curtailed due to the coronavirus [COVID-19] pandemic and efforts to contain it," BLS said in its report.

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In a Twitter post, President Donald Trump hailed the report as an indicator that his administration is on track in restoring economic growth.

"Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible," he wrote.

The unemployment rate for all veterans was 11.7% in April, but has been in single digits since, according to BLS.

In August, the unemployment rate was 6.1% for all male veterans and 8.2% for female veterans, for an overall veteran jobless rate of 6.4%, down from 7.5% in July, according to the bureau. In August 2019, the unemployment rate for all veterans was 3.5%.

For post-9/11 veterans, August's unemployment rate of 7.0% was down from 8.2% in July. In August 2019, the unemployment rate for post-9/11 veterans was 4.0%, BLS said.

-- Richard Sisk can be reached at Richard.Sisk@Military.com.

Related: Amid Devastated Economy, Job Mentorship Crucial for Veterans, Report Finds

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