thedrifter
01-13-07, 08:50 AM
Unemployment rate for young veterans drops
By: JEANNINE AVERSA - Associated Press
WASHINGTON -- It's become a little easier for young military veterans returning from Iraq and elsewhere to find jobs.
The unemployment rate for young veterans -- those 20-24 -- dropped last year to 10.4 percent, the lowest since 2001, the Labor Department reported Friday.
That's good news for a group that often struggles to find work. In 2005, the jobless rate for young veterans rose to 15.6 percent, the highest in at least two decades.
The high jobless rate for young veterans has brought criticism upon the Bush administration from Republicans and Democrats on Capitol Hill in recent years.
Labor Secretary Elaine Chao quickly seized on the new employment figures as evidence of progress: "It is encouraging to see this significant drop in the unemployment rate of young veterans," Chao said.
Economists and recruiters believe young veterans benefited from last year's healthy job climate, in which some employers -- especially those facing shortages for workers such as long-haul truck drivers, skilled machine tool operators and health-care providers-- reached out more to job seekers.
For 2006, the national unemployment rate averaged 4.6 percent, a six-year low.
"I think this is a case of the rising tide lifting all boats. As job prospects improved for the entire nation last year, so too did they improve for the nation's young military," said Richard Yamarone, an economist at Argus Corp.
Several factors may be behind the difficulties young veterans have encountered finding jobs, recruiters and other experts said.
Among those, many young veterans entered the military out of high school and do not have much job-hunting experience. They may not have a college education, another drawback in an increasing competitive marketplace.
"Over the last 10 to 15 years it has become much, much harder for a person with only a high school degree to succeed in today's labor market," said Carl Tannenbaum, chief economist at LaSalle Bank.
There are other challenges: The skills young veterans acquired in the military might not transfer to the civilian workplace. And, some employers worry about veterans making a smooth transition back into civilian life, especially those who were in combat, experts said.
On the flip side, as companies become more global, experience in other cultures makes veterans posted overseas more valuable.
"Having a language skill is also a plus, " said John Challenger, chief of Challenger, Gray & Christmas, an employment research firm.
"Logistics works is also extremely valuable," he said. "If you come out with a skill -- managing depots, getting trucks from point a to point b."
The 10.4 percent unemployment rate for young veterans last year, while an improvement, is still higher than the 8.1 percent rate for non-veterans the same age.
The unemployment rate for all veterans was 3.8 percent in 2006. That was down from 4 percent in 2005 and was the lowest rate since 2001.
"For the past several years, we have stepped up our efforts to meet the needs of transitioning service members and protect their employment rights. We are heartened by the improved employment outcomes last year," said Charles Ciccolella, the Labor Department's point person on veterans' employment and training.
The new figures on young veterans' employment come days after President Bush unveiled a new plan for the Iraq war that has raged on since early 2003.
Bush's plan, outlined Wednesday, would raise troop levels in Iraq by 21,500. That has drawn fierce opposition from congressional Democrats.
An AP-Ipsos poll found approval for Bush's handling of Iraq near a record low -- 29 percent of Americans approve and 68 percent disapprove.
On the Net:
Labor Department: www.dol.gov/
Ellie
By: JEANNINE AVERSA - Associated Press
WASHINGTON -- It's become a little easier for young military veterans returning from Iraq and elsewhere to find jobs.
The unemployment rate for young veterans -- those 20-24 -- dropped last year to 10.4 percent, the lowest since 2001, the Labor Department reported Friday.
That's good news for a group that often struggles to find work. In 2005, the jobless rate for young veterans rose to 15.6 percent, the highest in at least two decades.
The high jobless rate for young veterans has brought criticism upon the Bush administration from Republicans and Democrats on Capitol Hill in recent years.
Labor Secretary Elaine Chao quickly seized on the new employment figures as evidence of progress: "It is encouraging to see this significant drop in the unemployment rate of young veterans," Chao said.
Economists and recruiters believe young veterans benefited from last year's healthy job climate, in which some employers -- especially those facing shortages for workers such as long-haul truck drivers, skilled machine tool operators and health-care providers-- reached out more to job seekers.
For 2006, the national unemployment rate averaged 4.6 percent, a six-year low.
"I think this is a case of the rising tide lifting all boats. As job prospects improved for the entire nation last year, so too did they improve for the nation's young military," said Richard Yamarone, an economist at Argus Corp.
Several factors may be behind the difficulties young veterans have encountered finding jobs, recruiters and other experts said.
Among those, many young veterans entered the military out of high school and do not have much job-hunting experience. They may not have a college education, another drawback in an increasing competitive marketplace.
"Over the last 10 to 15 years it has become much, much harder for a person with only a high school degree to succeed in today's labor market," said Carl Tannenbaum, chief economist at LaSalle Bank.
There are other challenges: The skills young veterans acquired in the military might not transfer to the civilian workplace. And, some employers worry about veterans making a smooth transition back into civilian life, especially those who were in combat, experts said.
On the flip side, as companies become more global, experience in other cultures makes veterans posted overseas more valuable.
"Having a language skill is also a plus, " said John Challenger, chief of Challenger, Gray & Christmas, an employment research firm.
"Logistics works is also extremely valuable," he said. "If you come out with a skill -- managing depots, getting trucks from point a to point b."
The 10.4 percent unemployment rate for young veterans last year, while an improvement, is still higher than the 8.1 percent rate for non-veterans the same age.
The unemployment rate for all veterans was 3.8 percent in 2006. That was down from 4 percent in 2005 and was the lowest rate since 2001.
"For the past several years, we have stepped up our efforts to meet the needs of transitioning service members and protect their employment rights. We are heartened by the improved employment outcomes last year," said Charles Ciccolella, the Labor Department's point person on veterans' employment and training.
The new figures on young veterans' employment come days after President Bush unveiled a new plan for the Iraq war that has raged on since early 2003.
Bush's plan, outlined Wednesday, would raise troop levels in Iraq by 21,500. That has drawn fierce opposition from congressional Democrats.
An AP-Ipsos poll found approval for Bush's handling of Iraq near a record low -- 29 percent of Americans approve and 68 percent disapprove.
On the Net:
Labor Department: www.dol.gov/
Ellie