In December, the veterans’ unemployment rate experienced a slight increase but concluded 2023 with the lowest monthly average in over two decades, as per data recently released by the Bureau of Labor Statistics.
Approximately 261,000 veterans seeking employment faced full-time job challenges last month, resulting in an unemployment rate of 3%, up from 2.8% in November. Despite this uptick, it marked the lowest December figure since 2000, when the BLS began publicly reporting data on veterans’ job searches, and it remains significantly below the national rate of 3.7%.
Throughout 2023, the average monthly veterans’ unemployment rate hovered just under 2.8%, representing the lowest annual average since at least 2000. Department of Labor data reveals that this is only the third time in the past 24 years that the average monthly rate dipped below 3%.
These lows in veterans’ unemployment are noteworthy, considering the challenges faced during the peak of the COVID-19 pandemic in 2020 when the rate exceeded 11%. During that period, the national rate also reached almost 15%. Despite persistent attention from lawmakers, research indicates that former military members often surpass their civilian counterparts in securing full-time employment.
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