WEBVTT - US Labor Secretary Talks May Jobs Report, Immigration

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>Well, we'd like to bring in the Labor Secretary now,

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<v Speaker 2>Lori Chavez Durima. Thank you so much, Secretary for joining

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<v Speaker 2>us as we are on the heels of this May

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<v Speaker 2>report where the US added one hundred and thirty nine

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<v Speaker 2>thousand jobs, beating estimates. But I would love to start

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<v Speaker 2>with the decline in the size of the labor force

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<v Speaker 2>down six hundred and twenty six thousand, largest drop since

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<v Speaker 2>twenty twenty three. Is this because the administration has shut

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<v Speaker 2>down immigration?

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<v Speaker 1>Well, thank you Adm. Marie for having me. We are

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<v Speaker 1>excited one hundred and thirty nine thousand new jobs and

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<v Speaker 1>that President Trump, with his dedication and his leadership, really

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<v Speaker 1>has beat expectations for the third month in a row.

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<v Speaker 1>Our goal is to grow this economy and grow this workforce,

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<v Speaker 1>and the President has done a wonderful job in accessing

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<v Speaker 1>companies to invest in the workforce. We're seeing it across

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<v Speaker 1>the country. So while jobs are continuing to grow, and

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<v Speaker 1>we might see a due case at the federal level,

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<v Speaker 1>which is another great thing that we've seen twenty two

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<v Speaker 1>thousand jobs leave the federal public workforce, and we're seeing

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<v Speaker 1>it at the local level. So there's a lot to

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<v Speaker 1>look forward to. There's a lot that we're excited about,

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<v Speaker 1>and we couldn't be more excited for this economy and

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<v Speaker 1>this third month in a row of a growing jobs report.

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<v Speaker 2>What do you think is behind the drop and the

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<v Speaker 2>size of the labor force.

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<v Speaker 1>Well, what we want is to grow that labor force.

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<v Speaker 1>We're seeing increases in construction jobs. We're seeing increases in

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<v Speaker 1>transportation and healthcare, while the manufacturing sector is holding steady.

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<v Speaker 1>What we're excited about is the focus that the President

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<v Speaker 1>has on this skilled workforce. Again, my part of this

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<v Speaker 1>equation is to grow that workforce. And as we transition

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<v Speaker 1>through this process of on shoring, and the President has

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<v Speaker 1>done a wonderful job in negotiating some of these tariff talks,

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<v Speaker 1>tens of trillions of dollars are being invested. This workforce

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<v Speaker 1>is going to continue to grow.

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<v Speaker 2>The unemployment rate remain steady. A lot of economists will

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<v Speaker 2>point to the fact that potentially it's for the wrong reasons,

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<v Speaker 2>not because jobs are plentiful, but because workers are dropping out.

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<v Speaker 2>Are you concerned that too many workers are dropping out,

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<v Speaker 2>especially in some of these areas that are mostly filled

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<v Speaker 2>with immigrants.

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<v Speaker 1>Well, certainly, what we have seen in the last few

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<v Speaker 1>months is that native born Americans are the ones where

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<v Speaker 1>the job growth is happening. That's exciting for the American people.

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<v Speaker 1>We want to make sure that we're protecting the American

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<v Speaker 1>worker first, and we want that labor participation rate to

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<v Speaker 1>go up. I will tell you unemployment is holding steady.

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<v Speaker 1>That is a good thing for the American economy. We'll

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<v Speaker 1>continue to focus on that. As the President's executive order

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<v Speaker 1>with one million apprentices across the nation and also through

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<v Speaker 1>an executive order that we're going to have the skilled

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<v Speaker 1>workforce with AI I'm telling you and I'm confident that

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<v Speaker 1>that workforce is going to continue to grow, and we're

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<v Speaker 1>going to see these numbers continue to climb and unemployer

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<v Speaker 1>rate continue to drop.

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<v Speaker 2>Do foresee wage pressures potentially re emerging to fill jobs

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<v Speaker 2>if there are fewer immigrants coming to the United States,

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<v Speaker 2>which is a policy of this administration.

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<v Speaker 1>Well, I can tell you right now that wage growth

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<v Speaker 1>hourly wage growth is up almost four percent. That's great

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<v Speaker 1>for the American people. More money in their pockets. And

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<v Speaker 1>with this one big, beautiful bill that the President is

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<v Speaker 1>focused on, we are going to see no tax on tips,

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<v Speaker 1>no tax on over time. Do you know what that

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<v Speaker 1>does for a family of four who possibly can put

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<v Speaker 1>more money in their pocket. I can tell you this,

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<v Speaker 1>one big beautiful bill equals one big beautiful workforce. That's

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<v Speaker 1>what I'm focused on, and I'm going to continue to

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<v Speaker 1>work hard, get around this country and deliver for the

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<v Speaker 1>American people what the President promised them that he would do.

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<v Speaker 2>I guess my question though, is if we have wage

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<v Speaker 2>pressures re emerging, is there potentially a cycle where we

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<v Speaker 2>can see higher inflation makes it harder for things like

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<v Speaker 2>the Federal Reserve to step in and potentially cut interest rates.

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<v Speaker 1>Well, certainly, the President again is laser folks on growing

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<v Speaker 1>the workforce. We're seeing unemployment hold study. It's been holding

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<v Speaker 1>steady for you know, really running between four point zero

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<v Speaker 1>and four point two percent over the last year. That's

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<v Speaker 1>exciting for the American people. We are not seeing unemployment

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<v Speaker 1>tick up, We're seeing ourgely wage growth go up. That's

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<v Speaker 1>again good for them. I'll be working with the President

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<v Speaker 1>on this to make sure that we can continue to

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<v Speaker 1>hold study and grow this economy.

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<v Speaker 2>The President posted on social media that America is quote hot,

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<v Speaker 2>and he said six months ago it was ice cold.

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<v Speaker 2>But six months ago, I'm looking at the non farm

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<v Speaker 2>payroll numbers from six months ago, we were at three

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<v Speaker 2>hundred and twenty three thousand and an unemployment rate even

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<v Speaker 2>lower than we are today, a four point one percent.

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<v Speaker 2>That is what arguably many people would call a hot

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<v Speaker 2>labor market. What is he the President talking about, when

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<v Speaker 2>he says we weren't we weren't hot.

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<v Speaker 1>Well. Under the last administration, we saw, for instance, manufacturing

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<v Speaker 1>jobs take a tank over the last twenty years. That

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<v Speaker 1>is what the President is bringing back, hard working blue

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<v Speaker 1>collar Americans, where he's bringing labor and business together to

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<v Speaker 1>grow the economy for the everyday average American. That's where

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<v Speaker 1>the change and the focus has been. And so the

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<v Speaker 1>labor market is growing steady, and he's correct, it is hot,

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<v Speaker 1>and it is better than what we had in the

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<v Speaker 1>past administration one hundred percent.

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<v Speaker 2>But manufacturing peril numbers dropped eight thousand for the month

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<v Speaker 2>of May.

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<v Speaker 1>But compared to the Biden administration, they've grown, they have

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<v Speaker 1>continued to hold steady. That is the difference. When he

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<v Speaker 1>stays laser focused on the American people and the American worker.

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<v Speaker 1>I'm telling you as I go around this country and

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<v Speaker 1>I visit the excitement in the labor force and in

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<v Speaker 1>the participation rate. We're seeing that increase. Students, young people,

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<v Speaker 1>they're excited to get back into the labor market. So

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<v Speaker 1>it's going to take some time, but I can tell

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<v Speaker 1>you if we stay focused on the American people, I

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<v Speaker 1>don't make a decision at the Department of Labor unless

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<v Speaker 1>I know it's going to benefit the American worker.

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<v Speaker 2>First, you mentioned federal workers and those employment numbers dropping off.

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<v Speaker 2>When you think about DOGE working inside the labor force,

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<v Speaker 2>has it changed given the fact that Elon Musk has

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<v Speaker 2>now left the administration and also given the fact that

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<v Speaker 2>he's having this pretty massive breakup with the President of

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<v Speaker 2>United States on social media.

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<v Speaker 1>Well, the focus of DOGE was a government efficiency. Again,

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<v Speaker 1>that's what the President promised the American people that he

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<v Speaker 1>was going to save them their hard earned tax dollars. Again,

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<v Speaker 1>the focus is to make sure that we're being efficient

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<v Speaker 1>with their tax dollars and still growing the economy. Listen,

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<v Speaker 1>we can have distractions all day long. This Job's report

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<v Speaker 1>of one hundred and thirty nine thousand new jobs, I

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<v Speaker 1>think is the primary focus today because that is what

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<v Speaker 1>matters to the everyday workers who get up every morning

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<v Speaker 1>and understand that the president has their best interests at heart.

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<v Speaker 2>So, even with Elon Musk not at the helm and

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<v Speaker 2>also having this implosion with President Trump, do you still

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<v Speaker 2>see DOGE working even inside the Labor Department?

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<v Speaker 1>Well, government efficiency I think is key, and I think

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<v Speaker 1>for every secretary of every agency, we're going to continue

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<v Speaker 1>to doge our own agencies because again, for the American people,

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<v Speaker 1>they want to understand that we have their hard earned

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<v Speaker 1>tax dollars, that we're spending it wisely and we're saving

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<v Speaker 1>them dollars where there's inefficiencies. And I'll continue to focus

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<v Speaker 1>on doging my own agency to make sure that we're

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<v Speaker 1>saving the American tax dollars.

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<v Speaker 2>But we look forward to hearing about those number secretary.

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<v Speaker 2>Just finally, the President has taken to social media again

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<v Speaker 2>this morning and he's saying, too late, the FED is

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<v Speaker 2>a disaster. He's looking at what Jay Powell's doing, comparing

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<v Speaker 2>it to Europe, which is already cut interest rates a

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<v Speaker 2>number of times, and he says, despite them, though our

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<v Speaker 2>country is still doing great, why would the Federal Reserve

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<v Speaker 2>need to be cutting interest rates when you're telling us

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<v Speaker 2>that this is a really fantastic and healthy wabor market.

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<v Speaker 1>Well, that's the focus, right, and sometimes you gotta have

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<v Speaker 1>the stools stand on several different legs. The President does

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<v Speaker 1>a wonderful job at negotiations. The President will have a

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<v Speaker 1>conversation with the Treasury Secretary and he will determine when

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<v Speaker 1>it's time to put the pressure on to lower those

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<v Speaker 1>interest rates to make sure that we're still adding to

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<v Speaker 1>the American economy and protecting the American worker.

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<v Speaker 2>Thanks so much for joining US. Labor Secretary Lori shav

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<v Speaker 2>As Derma