According to the recent reports highlighted that veteran’s unemployment rates and status are again getting a sizable drop in October. This report showed that the latest signal that some of the economic impacts of the ongoing coronavirus epidemic may ebb.
But wait! unemployment claims among veterans – and much of the rest of American workers – are still much higher than last year’s rates. The increasing number of coronavirus cases and deaths may have additional negative impacts in the coming months.
While, from the official sector which conducted this report the Bureau of Labor Statistics proclaimed Friday that the Veterans‘ unemployment estimate for October was 5.5%, down nearly a full point from the previous month (6.4% in September) and less than half its highest point in 2020 (11.7%). Percentage, in April). These statistics equally show that there’s an insignificant rise.
Furthermore, the quantity represents nearly 500,000 veterans across the country looking for jobs last month. It is appraised that about 8.7 million US veterans are of working age and able to work, just under half of all veterans in the United States. The national unemployment rate in October was 6.9%, one point lower than the September rate. It’s been dropping every month since April when it peaked at 14.7 percent. In February, the national unemployment rate was at 3.5%, the lowest in an economic indicator in 50 years.
Amid positive signs released on Friday, BLS officials warned that the number of long-term unemployed Americans (individuals who have been unemployed for 27 weeks or more) has tripled in the last month, to 3.6 million. Members of Congress have made veteran support and employment programs a focus in recent years, and have proposed several new job training programs this year for veterans to offset the effects of the pandemic. Now, this is alarming and quite tough for all the workforce. What are your thoughts on it? Comment below!