As America honors its military veterans today, there is encouraging news on the jobs front: The unemployment rate for the nation’s veterans has declined sharply in the year since the last Veterans Day.
Thanks to a nationwide focus on hiring veterans, and especially younger veterans who served in the post 9/11 military, unemployment for all veterans went from 6.9 percent in October 2013 to 4.5 percent last month. The national unemployment rate dropped 1.4 percentage points to 5.4 percent. (All percentages are non-seasonally adjusted.)
Contributing to the sharp decline was a project launched three years ago by JPMorgan Chase and 10 other large employers. As its name implies, the 100,000 Jobs Mission committed to hiring 100,000 veterans by the end of 2020. Now, with more than 170 companies participating, the project has employed more than 190,000 former military.