There's one group in particular that could face additional hardship in the quickly intensifying unemployment state of the nation — veterans.
The Department of Labor reported 6.6 million new unemployment claims for the week ending March 28 — an increase of about 3.34 million from the previous week — and the numbers are only expected to increase as the coronavirus pandemic continues to wreak havoc on the economy.
It is likely that the veteran unemployment rates will soon dip lower than they ever have post-9/11.
According to a study released by the Bob Woodruff Foundation, 14 percent of employed veterans work in the five industries most likely to face immediate layoffs — mining, oil and gas extraction; transportation; employment services; travel arrangements; and leisure and hospitality. The Bob Woodruff Foundation estimates that 1.2 million veterans are employed in these industries.
And according to the foundation, this is just the "tip of the iceberg."
On top of the concentration of veterans in these industries, the foundation's research found that two specific groups of veterans have been disproportionately impacted in past recessions.
Veterans mid-transition from military service experienced higher rates of unemployment than non-veterans and older Americans, including veterans, who experience an unexpected job loss have longer durations of unemployment during recessions.
This younger demographic of transitioning veterans are also generally less financially stable. Even before COVID-19, one-third of post 9/11 veterans reported challenges paying bills.
All this combined creates the "perfect storm" of conditions that could threaten mental health and stability — emergent trauma, loneliness due to social isolation, and unplanned job or wage loss.
“While COVID-19 is impacting all of us, our mission is to keep the public’s eye on the needs of our veterans, caregivers, and military families – especially during these particularly trying times,” said Anne Marie Dougherty, CEO of the Bob Woodruff Foundation. “These insights represent an opportunity to shine a spotlight on the most pressing needs of those who have served and take a data-driven approach to addressing those issues.”
By Friday afternoon, VA reported at least 78 veterans had died of the virus nationwide, up 10 from a day prior.
VA said it was tracking at least 2,184 cases of veterans who tested positive for the virus and had administered more than 22,251 tests.
For a list of companies looking to hire amid the coronavirus crisis click here.
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