This report investigates the effects of having symptoms of post-traumatic stress disorder (PTSD) on the labor market earnings of reservists in the years following deployment. Data on more than 315,000 reservists returning from deployments between 2003 and 2006, combined with longitudinal labor market earnings data, indicate that reservists who have symptoms of PTSD do earn substantially less than those who do not experience PTSD, but much of that gap in earnings was apparent prior to deployment.