The Federal Reserve Bank of New York has released a new episode of its "Bank Notes" podcast, titled "Veterans in the Labor Force." This episode features experts discussing the labor force participation gap between veterans and nonveterans. A previous Liberty Street Economics blog post from May 2023 indicated that veterans are 22% more likely to be out of the labor force than their nonveteran counterparts. The podcast also addresses common misperceptions about military career paths and outcomes, while highlighting educational and vocational opportunities available to veterans and military families.
Alongside the podcast release, the New York Fed published a Liberty Street Economics blog post focusing on veterans' experiences in the labor market. This research examines employment, labor force participation, and real earnings among veterans. It builds on related research from 2023, showing persistent gaps in employment and labor force participation between veterans and nonveterans. Notably, while nonveterans were still outearning veterans in 2021, recent findings indicate that this earnings gap has now closed.
Key findings from the latest research include:
- The veteran employment gap temporarily shrank after the pandemic recession but has since reopened to 4.74 percentage points as of April 2024, up from 3.99 in April 2023.
- The labor force participation gap between veterans and comparable nonveterans rebounded after initially shrinking post-pandemic; it is now larger in April 2024 compared to April 2023 or April 2022.
- The real weekly earnings gap between veterans and comparable nonveterans disappeared by spring 2022.
Understanding these disparities is crucial for studying broader economic inequalities. For further resources on how macroeconomic trends affect various demographic groups, refer to the New York Fed's Equitable Growth Indicators, Economic Inequality Research Series, and Economic Inequality & Equitable Growth resources.
Contact:
Mariah Measey
(347) 978-3071
Mariah.Measey@ny.frb.org
