Unemployment Rate for Veterans Dropping During Recovery from Coronavirus

Coronavirus (COVID-19) News

Written By ESR News Blog Editor Thomas Ahearn

The October 2020 jobs report released by the U.S. Bureau of Labor Statistics (BLS) revealed the unemployment rate for veterans saw a sizable drop during the month and may be a sign that some of the economic effects of the ongoing Coronavirus (COVID-19) pandemic “may be softening,” according to a report from the Military Times.

However, the Military Times also reported that “jobless claims among veterans — and much of the rest of workers in America — still remain significantly above rates from one year ago. And increasing numbers of coronavirus cases and deaths could cause additional negative effects in months to come.”

On November 6, 2020, the BLS announced the unemployment rate for veterans in October 2020 was 5.5 percent, down almost a full point from 6.4 percent in September 2020, and less than half of its highest point this year which was 11.7 percent, in April 2020. The number represents almost 500,000 veterans looking for jobs last month.

The Military Times reported that approximately 8.7 million veterans in America — just under half of the entire U.S. veterans population — were estimated to be of working age and able to work. Among veterans of the Iraq War and Afghanistan War eras, 6.2 percent were unemployed and looking for work last month.

“Members of Congress have made veteran hiring support and programs a focus in recent years, and proposed several new job training programs this year for veterans to offset the effects of the pandemic,” the Military Times reported, adding that these efforts have been stalled amid election campaigning and legislative gridlock.

Coronavirus (COVID-19) is a respiratory illness that spreads from person to person. As of November 11, 2020, there are more than 51.6 million global cases and 1.2 million global deaths, while the U.S. leads the world with more than 10.2 million cases and 239,000 deaths, according to research from Johns Hopkins University.

Today, November 11, 2020, is Veterans Day, a federal holiday observed annually on November 11 to honor the men and women who have served in the United States Armed Forces. Veterans Day is distinct from Memorial Day, a federal holiday observed on the last Monday in May that honors those who died while in military service.

On Veterans Day in 2020, Employment Screening Resources® (ESR) — a leading global background check provider — would like to thank the men and women who have served in the United States Armed Forces for their service to this country. For more information about ESR, please visit www.esrcheck.com.

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