Wow. Stunningly good news and an unequivocal success of the Obama administration.
NEW YORK (CNNMoney) -- More veterans are coming back from war and getting back to work in the civilian job force, thanks to efforts by both employers and the government, as well as the improving economy.Remember folks, the only parts of the President's American Jobs Act which were signed into law were those elements related to getting jobs for recent veterans.
The jobless rate for Iraq and Afghanistan veterans has fallen to 7.6%, well below the overall U.S. unemployment rate of 8.3%, and nearly five percentage points below the 12.5% rate for veterans a year ago.
Some firms have formal military recruiting programs, and others are creating or expanding them. This week Disney (DIS, Fortune 500) announced "Heroes Work Here," a program it says will recruit 1,000 vets over the next three years.
The government wants to encourage more efforts like this. "This past year saw the passage of a number of bills specifically designed to support veteran hiring and training," said Adriana Kugler, chief economist for the U.S. Department of Labor, which produces the BLS statistics.
Kugler cites the Returning Heroes and Wounded Warriors tax credits, both of which went into effect in November.
Returning Heroes provides a credit of up to $2,400 to employers who hire a vet who's been unemployed for at least four weeks. It was expanded to give $5,600 to employers who hire veterans who've been jobless for over six months.
Well Ta Da.
Now we see the benefits. For our veterans, our work force, our economy, and our country.
Pass the Rest of the American Jobs Act.
8:57 AM PT: Rec List! Thanks folks. Though some are worried that this could be a statistical anomaly. As January had shown much higher unemployment for female veterans specifically.
However, this story tells us that the job market has undeniably improved for recent veterans courtesy of the President's policies.
Strand, of Newark, said a $9,600 federal tax credit for employers who hire veterans has given her an edge over the people she’s competing against for clerical and business administration work.
"A woman from a law firm called me for an interview this Friday and she wanted to make sure I had been in the military," Strand said. "I’m excited. I’m going to bring my dog tags and DD-214 form with me."
She’s not the only New Jersey veteran who’s noticed a tide change after the VOW to Hire Heroes Act of 2011, signed in November, created a hiring incentive.
Many of the 400 uniformed men and women who joined her at a jobs fair in Newark yesterday said they’re optimistic about their career prospects because of it.