Confirmation That Unemployment is Worse Than Stated?

http://www.usatoday.com/news/washington/2008-02-07-vet-jobs_N.htm

This article finds that 18% of vets leaving the military can’t find work, even if they take advantage of the GI bill and get more education. 

A few posts back, I suggested that the government tinkers with the unemployment calculation to make it appear better than it is, and I noted that first-time jobless claims run at an annual rate of 13%.  This article seems to confirm that, in fact, unemployment is probably much higher than the current “official” rate of 4.9%. 

“The 2007 study by the consulting firm Abt Associates Inc. found that 18% of the veterans who sought jobs within one to three years of discharge were unemployed, while one out of four who did find jobs earned less than $21,840 a year. Many had taken advantage of government programs such as the GI Bill to boost job prospects, but there was little evidence that education benefits yielded higher pay or better advancement.

The report blamed the poor prospects partly on inadequate job networks and lack of mentors…”

These statistics too closely resemble the general population to be blamed on their military background.  How many people in the overall work force have “job networks” or “mentors?”  One out of four earns less than $21,840 per year?  That’s about the same as the overall population. 

Pete

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