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Speaker 1: Let's turn back to this morning's jobs data. Jobs growth

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Speaker 1: accelerated in September, showing signs of a stabilizing labor market

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Speaker 1: before the government shutdown. Joining us to discuss we are

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Speaker 1: pleased to say, is the US Labor Secretary Lori Chavez Dreamer.

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Speaker 1: Miss Secretary, thank you so much for your time this morning.

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Speaker 1: Let me first ask you about the headline numbers. It

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Speaker 1: was a blowout. We were only expecting fifty one thousand

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Speaker 1: in our survey, and far more than double that is

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Speaker 1: what we got. How strong is this economy?

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Speaker 2: Well, one hundred and nineteen thousand new jobs. I think

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Speaker 2: that is a solid report for the American people and

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Speaker 2: for the workforce. We have seen over and over again

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Speaker 2: that we want to have these gains, and it's those

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Speaker 2: investments by this administration and this president. I think this

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Speaker 2: is what you're seeing come online. So this was a

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Speaker 2: solid report for the September numbers. We'll have to see

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Speaker 2: how November numbers come out in mid December, but I

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Speaker 2: think that this is good for the American people. We

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Speaker 2: know that more people are wanting to work and they're

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Speaker 2: actively seeking those jobs, and so it is my responsibility

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Speaker 2: to make sure that we have that skilled workforce, and

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Speaker 2: so I think that you're going to see consumer confidence.

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Speaker 2: And again with prices coming down energy prices, gas prices,

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Speaker 2: we're seeing real wages go up. Blue collar wages have

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Speaker 2: gone up over the last sixty years, and I think

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Speaker 2: that that's the exciting part of this is that we're

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Speaker 2: seeing people who are wanting to get on the ground,

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Speaker 2: have the skills that they need and get in the workforce.

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Speaker 3: Secretary Sharvis Drimer, you might sound very similar to those

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Speaker 3: who don't want this FED to cut that this is

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Speaker 3: a healthy labor market. The President, though even jokingly yesterday,

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Speaker 3: was saying Scott Bessen would be fired had he not

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Speaker 3: been able to get this FED to cut. So in

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Speaker 3: your view of this labor market, is it strong enough

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Speaker 3: that it doesn't need assistance from the Fed?

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Speaker 2: Well, I think the President has been pretty clear on

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Speaker 2: this issue. We did see the two rate cuts. I

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Speaker 2: think the FED does need to go ahead and cut again.

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Speaker 2: You know, when I travel around the country talking to businesses,

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Speaker 2: which I have hit thirty six out of fifty states

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Speaker 2: on my fifty state tour before you know, the Democratics

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Speaker 2: shut down happened, those business owners are wanting to borrow

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Speaker 2: more money at a cheaper rate to invest in their workforce.

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Speaker 2: That is what they're asking, and so I think another

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Speaker 2: rate cut is exactly what we need to really grow

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Speaker 2: this workforce. I mean, we see GDP is up four

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Speaker 2: point two percent. I think that that's positive growth. And

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Speaker 2: we want to see more private sector jobs come online.

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Speaker 2: Out of the one hundred nineteen thousand jobs we saw,

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Speaker 2: ninety seven thousand of those jobs have been in the

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Speaker 2: private sector, which is way different than the Biden administration

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Speaker 2: when we saw they were all government jobs. So I

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Speaker 2: think we're on the right track.

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Speaker 1: It does seem like inflation is a concern. We heard

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Speaker 1: that from Walmart today that it's got to pass through

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Speaker 1: these tariff costs somehow. Are you not worried that we

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Speaker 1: have arise in inflation that hits lower income workers especially

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Speaker 1: hard if we continue to cut rates.

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Speaker 2: Well, I think what happens when you're talking to the

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Speaker 2: American families every day, they want affordability, so they look

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Speaker 2: for ways in order to provide for their families. As

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Speaker 2: a former congresswoman and as a former mayor, I know

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Speaker 2: how important that is each and every day. What we

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Speaker 2: want to do is grow this workforce so that they

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Speaker 2: can have more money in their own pockets. These policies

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Speaker 2: that came forward with the working family tax cut are

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Speaker 2: going to start to hit. No tax on tips, no

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Speaker 2: tax on overtime, no tax on Social Security. I think

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Speaker 2: that that's what people want to see is more of

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Speaker 2: their hard earned dollars in their own pockets for their

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Speaker 2: own choices. We've seen again these real way to grow

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Speaker 2: up almost seven hundred dollars, and I think that that's

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Speaker 2: going to be key, way different than the Biden administration.

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Speaker 2: You know, when wages were down almost three thousand and so,

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Speaker 2: you know, to we have seven hundred dollars more in

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Speaker 2: a family's pocket. That matters to the American people.

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Speaker 1: Don't we lose some of those dollars? If we continue

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Speaker 1: to see three percent plus inflation on top of the

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Speaker 1: inflation that we saw during the Biden administration, prices can

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Speaker 1: continue to climb for everything from food to housing. Isn't

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Speaker 1: that a concern if we continue to cut rates that

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Speaker 1: we throw more fuel on that inflation fire.

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Speaker 2: Well, Actually, food prices have been down, energy prices have

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Speaker 2: been down. We've heard over and over again our Thanksgiving

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Speaker 2: meal is going to be less than it was under

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Speaker 2: the Biden administration. So while we have seen oftentimes that

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Speaker 2: some prices have gone up, whether it's in beef and

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Speaker 2: some of the other sectors, we have seen housing. We

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Speaker 2: certainly want to address the housing costs because people want

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Speaker 2: to be able to afford their homes. I think the

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Speaker 2: FED rate cutting will give us exactly that. So I'm

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Speaker 2: standing behind the President on this. I think we need

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Speaker 2: another rate cut. It's been a.

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Speaker 3: Little bit Secretary again, Preto long.

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Speaker 2: Down that runway, but we need to cut that rate.

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Speaker 3: Part of what you're saying, you want to cut the

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Speaker 3: rate because you want more private sector hiring. We hear

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Speaker 3: you loud and clear on that. But we have to

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Speaker 3: say this latest job support government jobs grew. Do you

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Speaker 3: want to see that reverse? Why is it growing when

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Speaker 3: this is a government that's been trying to cut back

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Speaker 3: on what you say was a Biden administration that only

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Speaker 3: supported the economy through hiring via the government.

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Speaker 2: The government jobs haven't grown. The only portion of government

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Speaker 2: jobs that has grown in this last report that is

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Speaker 2: showing have been at the state and local level, not

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Speaker 2: at the federal level. Over two million private sector jobs

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Speaker 2: have come online, and that has been for Native born.

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Speaker 2: We are seeing massive amounts of the private sector. Out

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Speaker 2: of these one hundred nineteen thousand jobs, ninety seven thousand

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Speaker 2: of those were in the private sector. We're going to

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Speaker 2: do more and more with the private sector to grow

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Speaker 2: this economy, opposite than what the Biden administration did, where

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Speaker 2: they were all federal jobs. That isn't what the mandate

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Speaker 2: was when they elected President Trump. It was to grow

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Speaker 2: the private sector economy, and that is exactly what's happening.

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Speaker 1: One of the other things the President is talking about

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Speaker 1: is sending middle to lower income Americans rebate checks from

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Speaker 1: the tariffs, which have been behind a lot of the

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Speaker 1: inflation that we've seen. So giving some of that money

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Speaker 1: back to those earning a little bit less. Do you

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Speaker 1: support that, you know, two thousand dollars check push.

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Speaker 2: Well, certainly. The President has been in consultation with his

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Speaker 2: economic team. I think this is one way to give

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Speaker 2: back to the American people. You know, people work hard

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Speaker 2: for their money and when they provide that to the government,

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Speaker 2: they have a contract that that's going to be spent wisely.

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Speaker 2: These dollars, though, are coming in from tariffs to give

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Speaker 2: back to the American people, and I think that that

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Speaker 2: is a good plan that the President has set forth.

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Speaker 2: He will continue in consultation with his economic team and

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Speaker 2: what he determines. You know, he's a man of the people.

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Speaker 2: I say this. You see on my building I hang

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Speaker 2: his banner because he is the president of the working family.

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Speaker 2: He is the president for the men and women of

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Speaker 2: this country. Every decision I make at the Department of

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Speaker 2: Labor is through the lens of the men and women

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Speaker 2: who have built this country, and they deserve to be

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Speaker 2: taken care of. And that's exactly what the President has

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Speaker 2: been doing.

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Speaker 3: Miss Secretary. Before we let you go, just quickly, I

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Speaker 3: know we're looking for a little bit of guidance on

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Speaker 3: some of the tax code changes, specifically who's going to

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Speaker 3: be exempted from overtime tax or who's going to get

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Speaker 3: that overtime tax exemption. Do you have any clarity on

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Speaker 3: that or at least a timeline of when we can

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Speaker 3: expect the Labor Department to come out with those clarifications.

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Speaker 2: Well, I'll be working with Treasury Secretary and certainly through

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Speaker 2: the Department of Labor. I would imagine that with those

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Speaker 2: policies in place from the Working Family Tax cut, that

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Speaker 2: we'll start to see stuff in the first and second quarter,

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Speaker 2: but any specifics I don't have on an actual release date.

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Speaker 2: But again, one hundred nineteen thousand jobs I think is

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Speaker 2: a solid report. I'll be looking forward to see what

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Speaker 2: the numbers are for November, which will be released in

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Speaker 2: mid December. And I know the economists all got it

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Speaker 2: wrong on this, and so this is a good for

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Speaker 2: the American people that we saw a solid report of

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Speaker 2: one hundred and nineteen thousand jobs.

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Speaker 3: Miss Secretary, thank you so much for joining us this morning.

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Speaker 3: That is the Labor Secretary, Laurie shavesder Rima. And of

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Speaker 3: course tomorrow, don't miss another important conversation Fed Governor been

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Speaker 3: my Ron on Bloomberg surveillance that will happen at eight

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Speaker 3: thirty am Wall Street Time,