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The U.S. job market for veterans has shown positive signs of resilience in early 2024, with the veteran unemployment rate remaining low at 2.8% in February — a slight decrease from January, but up from 2.5% a year ago.
The non-veteran unemployment rate also marked higher at 3.8%, up from 3.6% the previous month and year. In 2023, there were a reported 17.9 million veterans in the U.S., maintaining an average annual unemployment rate of 2.8%.
When it comes to the overall labor market, the most recent State Job Openings and Labor Turnover Summary by the U.S. Bureau of Labor Statistics reveals minor fluctuations across states and Washington D.C. for the month of January 2024.
According to BLS’ summary, “In January, hire rates increased in three states, decreased in two states, and were little changed in 45 states and the District of Columbia. The increases in the hires rate occurred in Oregon (+1.0 percentage point), Pennsylvania (+0.9 point), and Iowa (+0.7 point). The decreases occurred in Florida (-0.9 point) and Texas (-0.5 point). The national hires rate changed little over the month.”
The minor fluctuations in hires, quits, and layoffs across states as reported by the Bureau of Labor Statistics for January 2024 indicate a stable yet dynamic job market. The varying state-level trends, such as the increases in hires in Oregon, Pennsylvania, and Iowa, and the contrasting decrease in Florida and Texas, reflect the regional disparities in economic growth and labor demand. These disparities could drive workforce trends, including remote work opportunities, relocation for employment, and state-specific job training programs to match the local demand.
Likewise, the rates of quits and layoffs/discharges in January experienced relatively minimal changes. Colorado and Oregon both reported increases in their quit rates a +0.7 point increase and +0.5 point increase, respectively. These two states also recorded increases in the number of quits.
Layoffs decreased in Alaska (-0.9 point), Indiana (-0.5 point), and California (-0.2 point). Meanwhile, increases in layoffs occurred in New Jersey (a +0.3 point increase). According to BLS’ summary, these state-level trends reflect little to no change at the national level.
The next set of state-level job market estimates, for February 2024, is scheduled for release on April 17, 2024.
