1 00:00:02,960 --> 00:00:08,280 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, and on this Job. 2 00:00:08,320 --> 00:00:10,520 Speaker 2: Today, we want to bring you an interview right now 3 00:00:10,560 --> 00:00:12,880 Speaker 2: with Acting Labor Secretary Julieluo. 4 00:00:13,000 --> 00:00:16,279 Speaker 1: Julie Su who joins me now. Secretary, thank you so 5 00:00:16,360 --> 00:00:17,360 Speaker 1: much for your time. 6 00:00:17,680 --> 00:00:19,600 Speaker 2: So we just got the data I have been digesting 7 00:00:19,600 --> 00:00:21,919 Speaker 2: over the past thirty minutes. The jobs number came in 8 00:00:22,000 --> 00:00:25,360 Speaker 2: higher than expected at two hundred and seventy five thousand jobs, 9 00:00:25,400 --> 00:00:28,720 Speaker 2: but the unemployment rate ticked higher to three point nine percent. 10 00:00:28,960 --> 00:00:32,800 Speaker 1: Can you explain that divergence to us? That's right. 11 00:00:32,880 --> 00:00:36,720 Speaker 3: So the jobs numbers continued to be very strong. The 12 00:00:36,880 --> 00:00:39,559 Speaker 3: three month average is actually two on a sixty five thousand, 13 00:00:39,720 --> 00:00:41,519 Speaker 3: So you know, we look at trends as much as 14 00:00:41,520 --> 00:00:45,159 Speaker 3: we look at monthly numbers, and on that the unemployment 15 00:00:45,240 --> 00:00:49,520 Speaker 3: rate remains under four percent for over two years now, 16 00:00:49,600 --> 00:00:51,159 Speaker 3: that's the longest. 17 00:00:50,640 --> 00:00:52,839 Speaker 1: Stretch in fifty years. 18 00:00:52,880 --> 00:00:58,240 Speaker 3: So, as the President noted yesterday last night, the economy 19 00:00:58,600 --> 00:01:02,160 Speaker 3: remains the union remains strong. We're moving things in the 20 00:01:02,200 --> 00:01:04,240 Speaker 3: right direction, and we have more work to do and 21 00:01:04,240 --> 00:01:06,760 Speaker 3: we'll continue to do it right. 22 00:01:06,800 --> 00:01:09,440 Speaker 2: But we've had revisions as well, and that's going to 23 00:01:09,480 --> 00:01:12,760 Speaker 2: be tempering some of this hot labor market. So revisions 24 00:01:12,760 --> 00:01:15,039 Speaker 2: were down for January by one hundred and twenty four 25 00:01:15,240 --> 00:01:16,399 Speaker 2: thousand jobs. 26 00:01:16,720 --> 00:01:18,200 Speaker 1: So is this job market. 27 00:01:18,000 --> 00:01:21,640 Speaker 2: Not as strong as you were expecting and anticipating. 28 00:01:22,640 --> 00:01:25,560 Speaker 3: No, I mean the job market is stronger than anyone 29 00:01:25,680 --> 00:01:29,479 Speaker 3: really predicted. You know, again, let's go back to you know, 30 00:01:29,680 --> 00:01:32,280 Speaker 3: when the president first came into office and all predictions 31 00:01:32,280 --> 00:01:36,120 Speaker 3: were of recession and crisis and crash. None of that 32 00:01:36,160 --> 00:01:39,640 Speaker 3: has materialized. That doesn't happen by accident. It happens through 33 00:01:39,880 --> 00:01:43,600 Speaker 3: leadership and strong economic policies. And you know, we're seeing 34 00:01:43,600 --> 00:01:46,680 Speaker 3: that month over month. The revisions are a feature of 35 00:01:46,720 --> 00:01:50,000 Speaker 3: the numbers. You know, we put out numbers every month 36 00:01:50,520 --> 00:01:53,480 Speaker 3: so that we can have a picture that tells us 37 00:01:53,520 --> 00:01:56,160 Speaker 3: what's going on in the economy, and then we revise 38 00:01:56,280 --> 00:01:59,320 Speaker 3: them to make sure that they're accurate. And that's why 39 00:01:59,320 --> 00:02:01,520 Speaker 3: we look at not just what happens each month, but 40 00:02:01,600 --> 00:02:07,320 Speaker 3: over time, and our overtime figures demonstrate strong, steady, continued 41 00:02:07,400 --> 00:02:09,880 Speaker 3: growth exactly what we want to see. It feels like 42 00:02:09,919 --> 00:02:11,760 Speaker 3: the very definition of a soft landing. 43 00:02:13,160 --> 00:02:15,320 Speaker 2: Well, when you look at the manufacturing space this report, 44 00:02:15,360 --> 00:02:18,000 Speaker 2: we have manufacturing jobs coming in at negative four thousand, 45 00:02:18,080 --> 00:02:21,400 Speaker 2: computer electronics, and manufacturing coming in at negative seventeen hundred 46 00:02:21,400 --> 00:02:24,560 Speaker 2: and semiconductor's negative seven hundred. President Biden last night was 47 00:02:24,600 --> 00:02:27,559 Speaker 2: touting manufacturing jobs, but when you look at the manufacturing 48 00:02:27,560 --> 00:02:29,880 Speaker 2: space when he last spoke at the State of the Union, 49 00:02:29,880 --> 00:02:33,040 Speaker 2: he's only added about seventy thousand in that manufacturing space. 50 00:02:33,200 --> 00:02:35,280 Speaker 1: Do you think this shift towards more. 51 00:02:35,160 --> 00:02:37,760 Speaker 2: Manufacturing the United States is starting to stall? 52 00:02:38,440 --> 00:02:40,400 Speaker 3: No, I don't think it's stally all. I think it's 53 00:02:40,600 --> 00:02:45,000 Speaker 3: just taking off. So many of the investments that the 54 00:02:45,200 --> 00:02:49,040 Speaker 3: President helped to get across the line with Democrats in 55 00:02:49,080 --> 00:02:54,280 Speaker 3: Congress are really just coming to fruition now right. They're 56 00:02:54,280 --> 00:02:56,600 Speaker 3: gonna hit the ground in twenty twenty. 57 00:02:56,680 --> 00:02:58,840 Speaker 1: Then how do you explain the negative rate. 58 00:02:58,639 --> 00:03:01,080 Speaker 2: On manufacturing jobs report? 59 00:03:01,639 --> 00:03:04,680 Speaker 3: Well, again, overall, the manufacturing jobs are up. It's up 60 00:03:04,720 --> 00:03:07,600 Speaker 3: over seven hundred thousand since the President came into office. 61 00:03:07,720 --> 00:03:11,079 Speaker 3: And he has been very clear that there's no reason 62 00:03:11,080 --> 00:03:14,280 Speaker 3: why we can't make things in America. Right, we invented 63 00:03:14,320 --> 00:03:17,400 Speaker 3: semiconductors here, We're going to make them here, and so 64 00:03:18,200 --> 00:03:21,680 Speaker 3: those factories have to be built. Those jobs you know 65 00:03:21,840 --> 00:03:25,320 Speaker 3: are are are still to come. But his vision for 66 00:03:25,600 --> 00:03:29,000 Speaker 3: in America in which we can build things here resilient, 67 00:03:29,040 --> 00:03:32,040 Speaker 3: you know, make our supply chain more resilient, and create 68 00:03:32,120 --> 00:03:35,560 Speaker 3: good jobs, including good union jobs, in all communities. That 69 00:03:35,760 --> 00:03:38,520 Speaker 3: is what the monthly number show. It's definitely what the 70 00:03:38,560 --> 00:03:39,680 Speaker 3: overall trends show. 71 00:03:41,160 --> 00:03:42,960 Speaker 1: When you look at where jobs are created. 72 00:03:43,200 --> 00:03:47,160 Speaker 2: It's coming from the federal government nine thousand, state jobs 73 00:03:47,320 --> 00:03:50,800 Speaker 2: five thousand, the local thirty eight thousand. Actually, we haven't 74 00:03:50,840 --> 00:03:54,280 Speaker 2: seen a drop in government payrolls on a monthly report 75 00:03:54,360 --> 00:03:57,600 Speaker 2: since August of twenty twenty two. Do you think the 76 00:03:57,720 --> 00:04:01,000 Speaker 2: expansion of government is partly respect for. 77 00:04:01,040 --> 00:04:04,400 Speaker 1: Keeping this labor market where it is well. 78 00:04:04,480 --> 00:04:08,000 Speaker 3: So the job growth numbers are really much more broadly. 79 00:04:08,360 --> 00:04:11,000 Speaker 3: It represents much broader industry change than that. 80 00:04:11,520 --> 00:04:13,240 Speaker 1: We saw big changes in. 81 00:04:13,200 --> 00:04:18,080 Speaker 3: Healthcare right hospital jobs were high. We saw an uptick 82 00:04:18,160 --> 00:04:23,280 Speaker 3: in transportation of warehousing, in social assistance, in restaurants and bars. 83 00:04:23,279 --> 00:04:26,200 Speaker 3: So it is a story both of private sector growth 84 00:04:26,400 --> 00:04:28,680 Speaker 3: and of government growth. Even if you take the government out, 85 00:04:28,760 --> 00:04:30,919 Speaker 3: the total growth is of over two hundred thousand this 86 00:04:30,960 --> 00:04:33,720 Speaker 3: month just in the private sector jobs alone. So it 87 00:04:33,800 --> 00:04:38,279 Speaker 3: is broad based recovery, which is again further sign of 88 00:04:38,320 --> 00:04:40,920 Speaker 3: its strength. It isn't just one industry that's been driving this. 89 00:04:42,600 --> 00:04:44,960 Speaker 2: Well, we also saw on this report wage growth was 90 00:04:45,000 --> 00:04:47,800 Speaker 2: cooler than expected, and that's when it came in. And 91 00:04:47,800 --> 00:04:50,640 Speaker 2: obviously we do know that even though there are some 92 00:04:50,720 --> 00:04:55,359 Speaker 2: gains in the labor market, inflation continues to dog American consumers. 93 00:04:55,400 --> 00:04:58,640 Speaker 2: This is something that Americans continue to say that this 94 00:04:58,680 --> 00:05:01,680 Speaker 2: is something that continues to eat into their household gains, 95 00:05:01,680 --> 00:05:03,000 Speaker 2: their discretionary spending. 96 00:05:03,480 --> 00:05:06,080 Speaker 1: How concerned are you about this cooling of wage growth? 97 00:05:07,120 --> 00:05:12,520 Speaker 3: So this is work that continues, right it controlling for prices. Again, 98 00:05:12,600 --> 00:05:16,520 Speaker 3: inflation has been cut by some like two thirds, and 99 00:05:16,800 --> 00:05:19,720 Speaker 3: we want Americans to you know, be able to obviously 100 00:05:19,800 --> 00:05:21,159 Speaker 3: get some of that breathing room. 101 00:05:21,000 --> 00:05:22,000 Speaker 1: The President talks about. 102 00:05:22,160 --> 00:05:25,160 Speaker 3: Now, some of that is about making sure that real 103 00:05:25,240 --> 00:05:28,040 Speaker 3: wages are going up. More wages and workers' pockets is 104 00:05:28,080 --> 00:05:30,559 Speaker 3: always going to be a good thing. And so again 105 00:05:30,640 --> 00:05:34,680 Speaker 3: the average overall annual wage increase is still about it's 106 00:05:34,680 --> 00:05:38,440 Speaker 3: a lover four percent. It exceeds inflation, which means that 107 00:05:38,520 --> 00:05:43,680 Speaker 3: we can both have lower prices so that Americans feel 108 00:05:43,760 --> 00:05:46,880 Speaker 3: less stressed about what they have to pay for basic things, 109 00:05:47,160 --> 00:05:50,440 Speaker 3: but also higher wages, which is about you know, making 110 00:05:50,440 --> 00:05:54,240 Speaker 3: sure that people can have family sustaining jobs and those 111 00:05:54,279 --> 00:05:57,680 Speaker 3: two things go hand in hand, and they certainly go 112 00:05:57,760 --> 00:06:01,760 Speaker 3: hand in hand under President by economic agenda, and we 113 00:06:01,800 --> 00:06:04,400 Speaker 3: are again seeing all of those trends in that direction. 114 00:06:04,520 --> 00:06:06,640 Speaker 3: Doesn't mean we don't have more work to do. We do, 115 00:06:07,600 --> 00:06:08,920 Speaker 3: but we're going to stay at it. 116 00:06:09,000 --> 00:06:13,039 Speaker 1: So you think this cooling was potentially just a monthly blip, Well, I. 117 00:06:13,040 --> 00:06:15,400 Speaker 3: Don't know, know, I wouldn't call it cooling, you know, 118 00:06:15,480 --> 00:06:18,800 Speaker 3: I think that again. You look at overall the numbers Twitter, 119 00:06:18,839 --> 00:06:22,279 Speaker 3: seventy five thousand jobs created, unemployment rate remains at under 120 00:06:22,320 --> 00:06:26,560 Speaker 3: four percent, we are continuing to see real wage growth. Now, 121 00:06:26,600 --> 00:06:29,320 Speaker 3: the inflation numbers for this month have not come out yet, 122 00:06:29,360 --> 00:06:33,280 Speaker 3: but all of those paint a picture of an economy 123 00:06:33,320 --> 00:06:36,240 Speaker 3: that has recovered from the depths of the pandemic, in 124 00:06:36,279 --> 00:06:39,840 Speaker 3: which almost fifteen million jobs created since the President came 125 00:06:39,880 --> 00:06:43,640 Speaker 3: into office, And I think, you know, it's really just 126 00:06:44,000 --> 00:06:47,480 Speaker 3: a good news story all around. And the historic investments 127 00:06:47,480 --> 00:06:49,280 Speaker 3: that the President has made possible. Right, he has a 128 00:06:49,360 --> 00:06:52,080 Speaker 3: vision for this country. It's not going to be built overnight, 129 00:06:52,279 --> 00:06:55,000 Speaker 3: but we've certainly seen gains over the last three years 130 00:06:55,040 --> 00:07:00,200 Speaker 3: and will continue to see them as the policy that 131 00:07:00,240 --> 00:07:03,040 Speaker 3: we've put into place really start to come to fruition. 132 00:07:03,240 --> 00:07:07,599 Speaker 3: That's you know, it's a story of continuing improvement and 133 00:07:07,720 --> 00:07:11,800 Speaker 3: progress and meeting the challenges across the country. 134 00:07:12,160 --> 00:07:14,360 Speaker 2: I just want to ask you about something that happened 135 00:07:14,360 --> 00:07:17,280 Speaker 2: at the US Bureau of Labor Statistics. An email that 136 00:07:17,360 --> 00:07:19,720 Speaker 2: was sent out to quote unquote super users about a 137 00:07:19,760 --> 00:07:23,840 Speaker 2: measure rental inflation was a mistake, according to the Bureau. 138 00:07:24,560 --> 00:07:28,120 Speaker 2: Why are some people getting emails about inflation others are not? 139 00:07:30,040 --> 00:07:34,240 Speaker 3: So we put out these numbers broadly. There's no reason 140 00:07:34,320 --> 00:07:36,560 Speaker 3: not to share them, and I'm here to talk about 141 00:07:36,600 --> 00:07:39,520 Speaker 3: them for that reason too. If I know what you're 142 00:07:39,560 --> 00:07:42,080 Speaker 3: talking about. I think that was there was a response 143 00:07:42,160 --> 00:07:45,160 Speaker 3: to certain questions that have been asked. But we certainly don't. 144 00:07:44,960 --> 00:07:46,160 Speaker 1: Have a pool of. 145 00:07:47,680 --> 00:07:50,240 Speaker 3: Super users who get this information that other people do not. 146 00:07:50,440 --> 00:07:54,200 Speaker 3: Our entire purpose here is to tell the story of 147 00:07:54,240 --> 00:07:56,720 Speaker 3: the labor market, tell the story of the American economy, 148 00:07:56,840 --> 00:07:58,840 Speaker 3: and especially when it's such a good story, we have 149 00:07:58,920 --> 00:08:02,120 Speaker 3: no reason not to share it as broadly as we can. 150 00:08:03,440 --> 00:08:06,240 Speaker 2: But does do you think this raises any questions of transparency? 151 00:08:06,760 --> 00:08:09,040 Speaker 3: No, and we certainly would not want it. You know, 152 00:08:09,080 --> 00:08:12,240 Speaker 3: we are our goal is to be transparent. Again, we 153 00:08:12,760 --> 00:08:15,920 Speaker 3: collect this information for no other reason than so that 154 00:08:15,960 --> 00:08:19,280 Speaker 3: we can understand what is happening in American households, what 155 00:08:19,320 --> 00:08:24,800 Speaker 3: the job situation is, what jobs are being created. These 156 00:08:25,200 --> 00:08:29,720 Speaker 3: Bureau of Labor Statistics numbers drive economic policy, UH for 157 00:08:29,760 --> 00:08:30,240 Speaker 3: a reason. 158 00:08:30,360 --> 00:08:30,480 Speaker 1: Right. 159 00:08:30,480 --> 00:08:36,040 Speaker 3: They're they're they're strong, reliable. It's the broadest survey that exists. 160 00:08:36,120 --> 00:08:40,520 Speaker 3: And again, we want you know, we work for transparency. 161 00:08:40,720 --> 00:08:44,040 Speaker 3: We want people to know what is going on in 162 00:08:44,080 --> 00:08:46,679 Speaker 3: the economy and UH and we think it's important. 163 00:08:48,320 --> 00:08:50,560 Speaker 2: Acting Labor Secretary Juliu Sue, thank you so much for 164 00:08:50,679 --> 00:08:51,160 Speaker 2: joining us.