Unemployment Rate for Vets Overall Shows New Low According to Dept of Labor
The Department of Labor just issued its November 2017 report on Veteran Employment. It shows a downward trend in the number of Vets still unemployed over this time last year. That is good news not only for the Trump administration but for all veterans as well.
According to the report, Veteran unemployment in November is at a 17-year low since 2000. It is now 2.7% overall.
VETS Monthly Employment Overview
The Veterans’ Employment & Training Service’s (VETS) monthly Veteran Employment Update is a review of data from the Bureau of Labor Statistics’ monthly Economic News Release. The update includes unemployment information by veteran status, gender, and post-9/11 Era service, as well as state-by-state data and growth of industry sectors nationwide. Also included are graphs showing unemployment trends over the last 24 months.
Six states showed an increase in Vet unemployment: Alaska, Delaware, District of Columbia, South Dakota, and Utah. Two states, Montana and New Hampshire, showed -0- change. Alabama showed the largest decrease at 2.9.
Unemployment Hits 17-Year Low as Job Growth Rebounds
An underwhelming jobs report still yielded a 17-year low for unemployment.
By Andrew Soergel, Economy Reporter
November 3, 2017
Labor market growth rebounded sharply last month and unemployment fell to a 17-year low as the negative effects of Hurricanes Harvey and Irma faded further into the rearview mirror, according to a report published Friday by the Bureau of Labor Statistics.
U.S. employers generated 261,000 new positions last month – their strongest showing since July 2016. October’s big winner was leisure and hospitality positions, which dropped off by 102,000 jobs in September as hurricanes battered America’s southern coasts. Such outfits ended up generating 106,000 positions last month.
“Remember that we’re viewing the payrolls numbers through a lens fogged by hurricane activity. More than 100,000 bar and restaurant workers were sidelined during the September survey and they’ve been added back in for the just-released October report,” Mark Hamrick, a senior economic analyst at Bankrate.com, said in a statement Friday.
Manufacturing companies also chipped in by adding 24,000 new positions in October, while professional and business services rolls expanded by 50,000. Health care and social assistance companies also added more than 33,000 jobs.
The rebound was expected, as analysts believed the effects of August’s and September’s hurricanes were overstated in initially reported jobs numbers. And, indeed, the 33,000 positions reported to have been lost in September were revised up to a slight gain of 18,000.
Still, October’s 261,000 additions actually clocked in a little bit below what analysts were hoping for. Mark Zandi, chief economist at Moody’s Analytics, told reporters on a conference call earlier in the week that a gain of 300,000 wasn’t outside the realm of possibility.
“Today’s report falls short of what many investors would have hoped for, but that doesn’t mean the economy isn’t gaining some serious momentum,” Mike Loewengart, vice president of investment strategy at E-Trade, said in a statement Friday. “Despite coming in below expectations, this is the type of report the [Federal Reserve] was looking for to sign, seal and deliver a rate hike in December. But we still need to see improvement on wages and low inflation remains concerning.”
…the drop in the unemployment rate to 4.1 percent represented more uplifting news, as the metric reached a level unseen since late 2000. Still, that decline was precipitated by a sharp drop in the number of people actually looking for work in October. The labor force participation rate dropped considerably to 62.7 percent, and 968,000 more Americans weren’t counted in the labor force in October than was the case in September.
The general belief, however, is that hurricane recovery continued to drag on certain aspects of last month’s report. All eyes will be on revisions going forward to see whether October’s relative disappointment is just a one-off decline or something more severe.
Read the article HERE.
The US economic news report is not exactly great but considering all the hits to our citizens in the last month between hurricanes, fires, and floods I am surprised to be honest that the numbers were so encouraging. Still it is good news at least for a time for our veterans and just in time to celebrate Veterans Day.
That coupled with the news President Trump is bringing back on trade deals and another mentioned by Senator Daines concerning beef export possible contracts between Montana and China, it suddenly looks like a brighter economic expectation going into the new year. Let’s hope that things continue to improve so that trade deals add more fair and equitable business opportunities as our economy finally moves into a more positive light.
I seriously doubt MSM will treat this as anything other than fake if they report it at all or at most a brief aberration. Despite them, President Trump is moving forward. Now if we could get DC to set a fire under the Senate and get their work done…. oh well, that is only a fast fading dream. Still I would vote if asked that the Senate NOT LEAVE for home or recess until the most critical appointments for executive branch agencies, judge appointments, and half the bills sent over by the House are finished.
A MAGA moment – sounds good right now.