1 00:00:02,720 --> 00:00:07,240 Speaker 1: Bloomberg Audio Studios, podcasts, radio News. 2 00:00:08,160 --> 00:00:10,360 Speaker 2: Well, we'd like to bring in the Labor Secretary now, 3 00:00:10,480 --> 00:00:14,240 Speaker 2: Lori Chavez Durima. Thank you so much, Secretary for joining 4 00:00:14,280 --> 00:00:16,040 Speaker 2: us as we are on the heels of this May 5 00:00:16,120 --> 00:00:18,720 Speaker 2: report where the US added one hundred and thirty nine 6 00:00:18,720 --> 00:00:22,320 Speaker 2: thousand jobs, beating estimates. But I would love to start 7 00:00:22,360 --> 00:00:25,360 Speaker 2: with the decline in the size of the labor force 8 00:00:25,440 --> 00:00:29,400 Speaker 2: down six hundred and twenty six thousand, largest drop since 9 00:00:29,400 --> 00:00:33,440 Speaker 2: twenty twenty three. Is this because the administration has shut 10 00:00:33,520 --> 00:00:34,440 Speaker 2: down immigration? 11 00:00:35,920 --> 00:00:38,080 Speaker 1: Well, thank you Adm. Marie for having me. We are 12 00:00:38,159 --> 00:00:41,400 Speaker 1: excited one hundred and thirty nine thousand new jobs and 13 00:00:41,400 --> 00:00:45,000 Speaker 1: that President Trump, with his dedication and his leadership, really 14 00:00:45,000 --> 00:00:48,440 Speaker 1: has beat expectations for the third month in a row. 15 00:00:48,640 --> 00:00:51,360 Speaker 1: Our goal is to grow this economy and grow this workforce, 16 00:00:51,520 --> 00:00:56,160 Speaker 1: and the President has done a wonderful job in accessing 17 00:00:57,080 --> 00:01:00,720 Speaker 1: companies to invest in the workforce. We're seeing it across 18 00:01:00,760 --> 00:01:04,640 Speaker 1: the country. So while jobs are continuing to grow, and 19 00:01:04,680 --> 00:01:06,600 Speaker 1: we might see a due case at the federal level, 20 00:01:06,760 --> 00:01:09,360 Speaker 1: which is another great thing that we've seen twenty two 21 00:01:09,440 --> 00:01:12,960 Speaker 1: thousand jobs leave the federal public workforce, and we're seeing 22 00:01:12,959 --> 00:01:14,600 Speaker 1: it at the local level. So there's a lot to 23 00:01:14,600 --> 00:01:16,759 Speaker 1: look forward to. There's a lot that we're excited about, 24 00:01:17,200 --> 00:01:19,880 Speaker 1: and we couldn't be more excited for this economy and 25 00:01:19,920 --> 00:01:22,679 Speaker 1: this third month in a row of a growing jobs report. 26 00:01:22,840 --> 00:01:24,800 Speaker 2: What do you think is behind the drop and the 27 00:01:24,840 --> 00:01:26,399 Speaker 2: size of the labor force. 28 00:01:27,400 --> 00:01:29,880 Speaker 1: Well, what we want is to grow that labor force. 29 00:01:29,880 --> 00:01:33,720 Speaker 1: We're seeing increases in construction jobs. We're seeing increases in 30 00:01:33,760 --> 00:01:38,720 Speaker 1: transportation and healthcare, while the manufacturing sector is holding steady. 31 00:01:39,040 --> 00:01:41,040 Speaker 1: What we're excited about is the focus that the President 32 00:01:41,080 --> 00:01:43,679 Speaker 1: has on this skilled workforce. Again, my part of this 33 00:01:43,760 --> 00:01:46,759 Speaker 1: equation is to grow that workforce. And as we transition 34 00:01:47,440 --> 00:01:50,400 Speaker 1: through this process of on shoring, and the President has 35 00:01:50,400 --> 00:01:53,720 Speaker 1: done a wonderful job in negotiating some of these tariff talks, 36 00:01:54,480 --> 00:01:57,720 Speaker 1: tens of trillions of dollars are being invested. This workforce 37 00:01:57,760 --> 00:01:58,760 Speaker 1: is going to continue to grow. 38 00:01:58,960 --> 00:02:02,560 Speaker 2: The unemployment rate remain steady. A lot of economists will 39 00:02:02,560 --> 00:02:05,240 Speaker 2: point to the fact that potentially it's for the wrong reasons, 40 00:02:05,320 --> 00:02:08,840 Speaker 2: not because jobs are plentiful, but because workers are dropping out. 41 00:02:09,040 --> 00:02:11,960 Speaker 2: Are you concerned that too many workers are dropping out, 42 00:02:12,120 --> 00:02:15,280 Speaker 2: especially in some of these areas that are mostly filled 43 00:02:15,600 --> 00:02:16,919 Speaker 2: with immigrants. 44 00:02:17,800 --> 00:02:20,840 Speaker 1: Well, certainly, what we have seen in the last few 45 00:02:20,840 --> 00:02:24,600 Speaker 1: months is that native born Americans are the ones where 46 00:02:24,600 --> 00:02:27,760 Speaker 1: the job growth is happening. That's exciting for the American people. 47 00:02:28,480 --> 00:02:31,560 Speaker 1: We want to make sure that we're protecting the American 48 00:02:31,760 --> 00:02:35,120 Speaker 1: worker first, and we want that labor participation rate to 49 00:02:35,280 --> 00:02:38,280 Speaker 1: go up. I will tell you unemployment is holding steady. 50 00:02:38,440 --> 00:02:40,600 Speaker 1: That is a good thing for the American economy. We'll 51 00:02:40,639 --> 00:02:43,919 Speaker 1: continue to focus on that. As the President's executive order 52 00:02:44,280 --> 00:02:48,720 Speaker 1: with one million apprentices across the nation and also through 53 00:02:48,760 --> 00:02:50,800 Speaker 1: an executive order that we're going to have the skilled 54 00:02:50,800 --> 00:02:55,000 Speaker 1: workforce with AI I'm telling you and I'm confident that 55 00:02:55,000 --> 00:02:56,640 Speaker 1: that workforce is going to continue to grow, and we're 56 00:02:56,639 --> 00:02:59,880 Speaker 1: going to see these numbers continue to climb and unemployer 57 00:03:00,120 --> 00:03:01,400 Speaker 1: rate continue to drop. 58 00:03:01,760 --> 00:03:05,560 Speaker 2: Do foresee wage pressures potentially re emerging to fill jobs 59 00:03:05,800 --> 00:03:08,600 Speaker 2: if there are fewer immigrants coming to the United States, 60 00:03:08,639 --> 00:03:11,760 Speaker 2: which is a policy of this administration. 61 00:03:12,880 --> 00:03:16,080 Speaker 1: Well, I can tell you right now that wage growth 62 00:03:16,120 --> 00:03:19,120 Speaker 1: hourly wage growth is up almost four percent. That's great 63 00:03:19,160 --> 00:03:21,800 Speaker 1: for the American people. More money in their pockets. And 64 00:03:21,840 --> 00:03:24,240 Speaker 1: with this one big, beautiful bill that the President is 65 00:03:24,320 --> 00:03:27,320 Speaker 1: focused on, we are going to see no tax on tips, 66 00:03:27,520 --> 00:03:29,640 Speaker 1: no tax on over time. Do you know what that 67 00:03:29,680 --> 00:03:31,720 Speaker 1: does for a family of four who possibly can put 68 00:03:31,720 --> 00:03:33,760 Speaker 1: more money in their pocket. I can tell you this, 69 00:03:34,320 --> 00:03:37,960 Speaker 1: one big beautiful bill equals one big beautiful workforce. That's 70 00:03:38,000 --> 00:03:40,120 Speaker 1: what I'm focused on, and I'm going to continue to 71 00:03:40,200 --> 00:03:42,840 Speaker 1: work hard, get around this country and deliver for the 72 00:03:42,840 --> 00:03:45,720 Speaker 1: American people what the President promised them that he would do. 73 00:03:45,920 --> 00:03:47,800 Speaker 2: I guess my question though, is if we have wage 74 00:03:47,880 --> 00:03:50,560 Speaker 2: pressures re emerging, is there potentially a cycle where we 75 00:03:50,560 --> 00:03:53,400 Speaker 2: can see higher inflation makes it harder for things like 76 00:03:53,400 --> 00:03:56,680 Speaker 2: the Federal Reserve to step in and potentially cut interest rates. 77 00:03:57,560 --> 00:04:00,680 Speaker 1: Well, certainly, the President again is laser folks on growing 78 00:04:00,720 --> 00:04:03,720 Speaker 1: the workforce. We're seeing unemployment hold study. It's been holding 79 00:04:03,720 --> 00:04:06,680 Speaker 1: steady for you know, really running between four point zero 80 00:04:06,720 --> 00:04:09,160 Speaker 1: and four point two percent over the last year. That's 81 00:04:09,200 --> 00:04:12,200 Speaker 1: exciting for the American people. We are not seeing unemployment 82 00:04:12,240 --> 00:04:16,280 Speaker 1: tick up, We're seeing ourgely wage growth go up. That's 83 00:04:16,320 --> 00:04:19,080 Speaker 1: again good for them. I'll be working with the President 84 00:04:19,120 --> 00:04:21,120 Speaker 1: on this to make sure that we can continue to 85 00:04:21,200 --> 00:04:22,960 Speaker 1: hold study and grow this economy. 86 00:04:23,040 --> 00:04:26,159 Speaker 2: The President posted on social media that America is quote hot, 87 00:04:26,200 --> 00:04:28,400 Speaker 2: and he said six months ago it was ice cold. 88 00:04:28,760 --> 00:04:31,039 Speaker 2: But six months ago, I'm looking at the non farm 89 00:04:31,120 --> 00:04:33,200 Speaker 2: payroll numbers from six months ago, we were at three 90 00:04:33,279 --> 00:04:36,720 Speaker 2: hundred and twenty three thousand and an unemployment rate even 91 00:04:36,800 --> 00:04:38,919 Speaker 2: lower than we are today, a four point one percent. 92 00:04:39,440 --> 00:04:42,440 Speaker 2: That is what arguably many people would call a hot 93 00:04:42,520 --> 00:04:44,960 Speaker 2: labor market. What is he the President talking about, when 94 00:04:45,000 --> 00:04:47,839 Speaker 2: he says we weren't we weren't hot. 95 00:04:48,960 --> 00:04:52,480 Speaker 1: Well. Under the last administration, we saw, for instance, manufacturing 96 00:04:52,560 --> 00:04:54,919 Speaker 1: jobs take a tank over the last twenty years. That 97 00:04:55,080 --> 00:04:57,919 Speaker 1: is what the President is bringing back, hard working blue 98 00:04:57,920 --> 00:05:01,080 Speaker 1: collar Americans, where he's bringing labor and business together to 99 00:05:01,120 --> 00:05:04,200 Speaker 1: grow the economy for the everyday average American. That's where 100 00:05:04,200 --> 00:05:06,080 Speaker 1: the change and the focus has been. And so the 101 00:05:06,160 --> 00:05:10,120 Speaker 1: labor market is growing steady, and he's correct, it is hot, 102 00:05:10,920 --> 00:05:12,240 Speaker 1: and it is better than what we had in the 103 00:05:12,279 --> 00:05:14,279 Speaker 1: past administration one hundred percent. 104 00:05:14,440 --> 00:05:17,640 Speaker 2: But manufacturing peril numbers dropped eight thousand for the month 105 00:05:17,640 --> 00:05:18,000 Speaker 2: of May. 106 00:05:18,880 --> 00:05:21,440 Speaker 1: But compared to the Biden administration, they've grown, they have 107 00:05:21,560 --> 00:05:24,120 Speaker 1: continued to hold steady. That is the difference. When he 108 00:05:24,160 --> 00:05:27,120 Speaker 1: stays laser focused on the American people and the American worker. 109 00:05:27,400 --> 00:05:29,520 Speaker 1: I'm telling you as I go around this country and 110 00:05:29,560 --> 00:05:32,160 Speaker 1: I visit the excitement in the labor force and in 111 00:05:32,240 --> 00:05:36,239 Speaker 1: the participation rate. We're seeing that increase. Students, young people, 112 00:05:36,279 --> 00:05:38,839 Speaker 1: they're excited to get back into the labor market. So 113 00:05:38,880 --> 00:05:40,880 Speaker 1: it's going to take some time, but I can tell 114 00:05:40,880 --> 00:05:44,520 Speaker 1: you if we stay focused on the American people, I 115 00:05:44,560 --> 00:05:46,880 Speaker 1: don't make a decision at the Department of Labor unless 116 00:05:46,920 --> 00:05:49,119 Speaker 1: I know it's going to benefit the American worker. 117 00:05:49,160 --> 00:05:53,560 Speaker 2: First, you mentioned federal workers and those employment numbers dropping off. 118 00:05:54,200 --> 00:05:57,239 Speaker 2: When you think about DOGE working inside the labor force, 119 00:05:57,320 --> 00:05:59,640 Speaker 2: has it changed given the fact that Elon Musk has 120 00:05:59,640 --> 00:06:02,919 Speaker 2: now left the administration and also given the fact that 121 00:06:02,960 --> 00:06:06,200 Speaker 2: he's having this pretty massive breakup with the President of 122 00:06:06,279 --> 00:06:08,440 Speaker 2: United States on social media. 123 00:06:09,440 --> 00:06:12,280 Speaker 1: Well, the focus of DOGE was a government efficiency. Again, 124 00:06:12,320 --> 00:06:14,479 Speaker 1: that's what the President promised the American people that he 125 00:06:14,560 --> 00:06:17,839 Speaker 1: was going to save them their hard earned tax dollars. Again, 126 00:06:18,040 --> 00:06:20,280 Speaker 1: the focus is to make sure that we're being efficient 127 00:06:20,360 --> 00:06:24,080 Speaker 1: with their tax dollars and still growing the economy. Listen, 128 00:06:24,600 --> 00:06:27,559 Speaker 1: we can have distractions all day long. This Job's report 129 00:06:27,560 --> 00:06:30,159 Speaker 1: of one hundred and thirty nine thousand new jobs, I 130 00:06:30,160 --> 00:06:32,920 Speaker 1: think is the primary focus today because that is what 131 00:06:33,000 --> 00:06:35,960 Speaker 1: matters to the everyday workers who get up every morning 132 00:06:36,000 --> 00:06:39,239 Speaker 1: and understand that the president has their best interests at heart. 133 00:06:39,279 --> 00:06:41,560 Speaker 2: So, even with Elon Musk not at the helm and 134 00:06:41,640 --> 00:06:44,679 Speaker 2: also having this implosion with President Trump, do you still 135 00:06:44,720 --> 00:06:47,760 Speaker 2: see DOGE working even inside the Labor Department? 136 00:06:48,680 --> 00:06:50,720 Speaker 1: Well, government efficiency I think is key, and I think 137 00:06:50,760 --> 00:06:53,919 Speaker 1: for every secretary of every agency, we're going to continue 138 00:06:53,960 --> 00:06:58,440 Speaker 1: to doge our own agencies because again, for the American people, 139 00:06:58,640 --> 00:07:00,920 Speaker 1: they want to understand that we have their hard earned 140 00:07:00,960 --> 00:07:03,760 Speaker 1: tax dollars, that we're spending it wisely and we're saving 141 00:07:03,800 --> 00:07:07,160 Speaker 1: them dollars where there's inefficiencies. And I'll continue to focus 142 00:07:07,200 --> 00:07:09,960 Speaker 1: on doging my own agency to make sure that we're 143 00:07:10,000 --> 00:07:11,320 Speaker 1: saving the American tax dollars. 144 00:07:11,320 --> 00:07:13,840 Speaker 2: But we look forward to hearing about those number secretary. 145 00:07:13,960 --> 00:07:16,480 Speaker 2: Just finally, the President has taken to social media again 146 00:07:16,520 --> 00:07:19,080 Speaker 2: this morning and he's saying, too late, the FED is 147 00:07:19,120 --> 00:07:22,120 Speaker 2: a disaster. He's looking at what Jay Powell's doing, comparing 148 00:07:22,120 --> 00:07:23,880 Speaker 2: it to Europe, which is already cut interest rates a 149 00:07:23,960 --> 00:07:26,960 Speaker 2: number of times, and he says, despite them, though our 150 00:07:27,000 --> 00:07:29,600 Speaker 2: country is still doing great, why would the Federal Reserve 151 00:07:29,760 --> 00:07:32,960 Speaker 2: need to be cutting interest rates when you're telling us 152 00:07:33,320 --> 00:07:36,640 Speaker 2: that this is a really fantastic and healthy wabor market. 153 00:07:37,520 --> 00:07:40,720 Speaker 1: Well, that's the focus, right, and sometimes you gotta have 154 00:07:40,840 --> 00:07:43,520 Speaker 1: the stools stand on several different legs. The President does 155 00:07:43,520 --> 00:07:46,080 Speaker 1: a wonderful job at negotiations. The President will have a 156 00:07:46,120 --> 00:07:50,320 Speaker 1: conversation with the Treasury Secretary and he will determine when 157 00:07:50,360 --> 00:07:52,200 Speaker 1: it's time to put the pressure on to lower those 158 00:07:52,200 --> 00:07:55,120 Speaker 1: interest rates to make sure that we're still adding to 159 00:07:55,120 --> 00:07:57,320 Speaker 1: the American economy and protecting the American worker. 160 00:07:57,600 --> 00:07:59,920 Speaker 2: Thanks so much for joining US. Labor Secretary Lori shav 161 00:08:00,040 --> 00:08:00,600 Speaker 2: As Derma