Unemployment Among Veterans Sees Significant Improvement
Chicago, IL (PRWEB) July 26, 2013 -- At the beginning of this year, unemployment among Veterans surpassed unemployment among non-veterans by nearly 3 percentage points, a trend that has shifted dramatically in the second quarter of 2013. The Federal Savings Bank, an institution specialized in veteran loans has been echoing this news among its prospective mortgage applicants.
The Los Angeles Times reported a drop in unemployment rates among veterans who have left the military after September 2001, the current rate of which is now lingering just above 7 percent. An estimated 2.8 million veterans have served in the military since 2001, and the large influx of young veterans in transition, according to some, skewed unemployment data. However, the drop is being attributed to an aggressive effort by both public and private companies to reduce unemployment among veterans.
"The veterans have done something for their country," said Derek Bennett, chief of staff for Iraq and Afghanistan Veterans of America. "The country has a moral obligation to ensure they are working and productive citizens."
From 2011 to 2012, the unemployment rate for post-9/11 veterans declined from 12% to 9.5%, as opposed to 8.7 percent for non-veterans. In 2012, joblessness declined, but a 2 percent disparity still separated veterans from non-veterans. It wasn't until the second quarter of this year that the gap finally closed, the veteran unemployment rate dipping to 7.4 percent, as opposed to the 7.2 percent non-veteran unemployment rate, according to data from the U.S. Bureau of Labor Statistics. That being said, some say that simply matching the non-veteran unemployment rate should not be used as a barometer of success.
"The labor force statistics are pointing in the right direction," said Gary Shaheen, director of employment policy at Syracuse University's Institute for Veterans and Military Families. "But we still have a lot of work to do."
Jobs programs contribute
According to Marketplace, a shift in transition programs is primarily responsible for the lower unemployment rate among veterans. Programs, such as the GI Bill, that assists veterans to obtain a degree and the Department of Defense Transition Assistance Programs have been dramatically improved in recent years.
Contact The Federal Savings Bank, a veteran owned bank, to discuss VA home loan eligibility and other first-time home buyer programs.
The Perfect Mortgage Experience, The Federal Savings Bank, https://www.thefederalsavingsbank.com, 855-686-3883, [email protected]
Share this article