WEBVTT - Labor Secretary Lori Chavez-DeRemer Talks Jobs Data

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<v Speaker 1>Let's turn back to this morning's jobs data. Jobs growth

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<v Speaker 1>accelerated in September, showing signs of a stabilizing labor market

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<v Speaker 1>before the government shutdown. Joining us to discuss we are

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<v Speaker 1>pleased to say, is the US Labor Secretary Lori Chavez Dreamer.

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<v Speaker 1>Miss Secretary, thank you so much for your time this morning.

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<v Speaker 1>Let me first ask you about the headline numbers. It

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<v Speaker 1>was a blowout. We were only expecting fifty one thousand

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<v Speaker 1>in our survey, and far more than double that is

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<v Speaker 1>what we got. How strong is this economy?

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<v Speaker 2>Well, one hundred and nineteen thousand new jobs. I think

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<v Speaker 2>that is a solid report for the American people and

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<v Speaker 2>for the workforce. We have seen over and over again

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<v Speaker 2>that we want to have these gains, and it's those

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<v Speaker 2>investments by this administration and this president. I think this

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<v Speaker 2>is what you're seeing come online. So this was a

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<v Speaker 2>solid report for the September numbers. We'll have to see

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<v Speaker 2>how November numbers come out in mid December, but I

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<v Speaker 2>think that this is good for the American people. We

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<v Speaker 2>know that more people are wanting to work and they're

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<v Speaker 2>actively seeking those jobs, and so it is my responsibility

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<v Speaker 2>to make sure that we have that skilled workforce, and

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<v Speaker 2>so I think that you're going to see consumer confidence.

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<v Speaker 2>And again with prices coming down energy prices, gas prices,

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<v Speaker 2>we're seeing real wages go up. Blue collar wages have

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<v Speaker 2>gone up over the last sixty years, and I think

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<v Speaker 2>that that's the exciting part of this is that we're

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<v Speaker 2>seeing people who are wanting to get on the ground,

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<v Speaker 2>have the skills that they need and get in the workforce.

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<v Speaker 3>Secretary Sharvis Drimer, you might sound very similar to those

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<v Speaker 3>who don't want this FED to cut that this is

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<v Speaker 3>a healthy labor market. The President, though even jokingly yesterday,

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<v Speaker 3>was saying Scott Bessen would be fired had he not

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<v Speaker 3>been able to get this FED to cut. So in

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<v Speaker 3>your view of this labor market, is it strong enough

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<v Speaker 3>that it doesn't need assistance from the Fed?

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<v Speaker 2>Well, I think the President has been pretty clear on

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<v Speaker 2>this issue. We did see the two rate cuts. I

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<v Speaker 2>think the FED does need to go ahead and cut again.

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<v Speaker 2>You know, when I travel around the country talking to businesses,

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<v Speaker 2>which I have hit thirty six out of fifty states

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<v Speaker 2>on my fifty state tour before you know, the Democratics

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<v Speaker 2>shut down happened, those business owners are wanting to borrow

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<v Speaker 2>more money at a cheaper rate to invest in their workforce.

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<v Speaker 2>That is what they're asking, and so I think another

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<v Speaker 2>rate cut is exactly what we need to really grow

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<v Speaker 2>this workforce. I mean, we see GDP is up four

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<v Speaker 2>point two percent. I think that that's positive growth. And

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<v Speaker 2>we want to see more private sector jobs come online.

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<v Speaker 2>Out of the one hundred nineteen thousand jobs we saw,

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<v Speaker 2>ninety seven thousand of those jobs have been in the

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<v Speaker 2>private sector, which is way different than the Biden administration

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<v Speaker 2>when we saw they were all government jobs. So I

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<v Speaker 2>think we're on the right track.

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<v Speaker 1>It does seem like inflation is a concern. We heard

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<v Speaker 1>that from Walmart today that it's got to pass through

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<v Speaker 1>these tariff costs somehow. Are you not worried that we

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<v Speaker 1>have arise in inflation that hits lower income workers especially

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<v Speaker 1>hard if we continue to cut rates.

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<v Speaker 2>Well, I think what happens when you're talking to the

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<v Speaker 2>American families every day, they want affordability, so they look

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<v Speaker 2>for ways in order to provide for their families. As

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<v Speaker 2>a former congresswoman and as a former mayor, I know

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<v Speaker 2>how important that is each and every day. What we

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<v Speaker 2>want to do is grow this workforce so that they

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<v Speaker 2>can have more money in their own pockets. These policies

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<v Speaker 2>that came forward with the working family tax cut are

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<v Speaker 2>going to start to hit. No tax on tips, no

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<v Speaker 2>tax on overtime, no tax on Social Security. I think

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<v Speaker 2>that that's what people want to see is more of

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<v Speaker 2>their hard earned dollars in their own pockets for their

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<v Speaker 2>own choices. We've seen again these real way to grow

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<v Speaker 2>up almost seven hundred dollars, and I think that that's

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<v Speaker 2>going to be key, way different than the Biden administration.

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<v Speaker 2>You know, when wages were down almost three thousand and so,

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<v Speaker 2>you know, to we have seven hundred dollars more in

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<v Speaker 2>a family's pocket. That matters to the American people.

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<v Speaker 1>Don't we lose some of those dollars? If we continue

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<v Speaker 1>to see three percent plus inflation on top of the

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<v Speaker 1>inflation that we saw during the Biden administration, prices can

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<v Speaker 1>continue to climb for everything from food to housing. Isn't

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<v Speaker 1>that a concern if we continue to cut rates that

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<v Speaker 1>we throw more fuel on that inflation fire.

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<v Speaker 2>Well, Actually, food prices have been down, energy prices have

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<v Speaker 2>been down. We've heard over and over again our Thanksgiving

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<v Speaker 2>meal is going to be less than it was under

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<v Speaker 2>the Biden administration. So while we have seen oftentimes that

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<v Speaker 2>some prices have gone up, whether it's in beef and

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<v Speaker 2>some of the other sectors, we have seen housing. We

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<v Speaker 2>certainly want to address the housing costs because people want

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<v Speaker 2>to be able to afford their homes. I think the

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<v Speaker 2>FED rate cutting will give us exactly that. So I'm

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<v Speaker 2>standing behind the President on this. I think we need

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<v Speaker 2>another rate cut. It's been a.

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<v Speaker 3>Little bit Secretary again, Preto long.

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<v Speaker 2>Down that runway, but we need to cut that rate.

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<v Speaker 3>Part of what you're saying, you want to cut the

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<v Speaker 3>rate because you want more private sector hiring. We hear

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<v Speaker 3>you loud and clear on that. But we have to

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<v Speaker 3>say this latest job support government jobs grew. Do you

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<v Speaker 3>want to see that reverse? Why is it growing when

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<v Speaker 3>this is a government that's been trying to cut back

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<v Speaker 3>on what you say was a Biden administration that only

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<v Speaker 3>supported the economy through hiring via the government.

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<v Speaker 2>The government jobs haven't grown. The only portion of government

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<v Speaker 2>jobs that has grown in this last report that is

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<v Speaker 2>showing have been at the state and local level, not

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<v Speaker 2>at the federal level. Over two million private sector jobs

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<v Speaker 2>have come online, and that has been for Native born.

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<v Speaker 2>We are seeing massive amounts of the private sector. Out

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<v Speaker 2>of these one hundred nineteen thousand jobs, ninety seven thousand

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<v Speaker 2>of those were in the private sector. We're going to

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<v Speaker 2>do more and more with the private sector to grow

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<v Speaker 2>this economy, opposite than what the Biden administration did, where

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<v Speaker 2>they were all federal jobs. That isn't what the mandate

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<v Speaker 2>was when they elected President Trump. It was to grow

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

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<v Speaker 1>One of the other things the President is talking about

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<v Speaker 1>is sending middle to lower income Americans rebate checks from

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<v Speaker 1>the tariffs, which have been behind a lot of the

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<v Speaker 1>inflation that we've seen. So giving some of that money

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<v Speaker 1>back to those earning a little bit less. Do you

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<v Speaker 1>support that, you know, two thousand dollars check push.

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<v Speaker 2>Well, certainly. The President has been in consultation with his

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<v Speaker 2>economic team. I think this is one way to give

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<v Speaker 2>back to the American people. You know, people work hard

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<v Speaker 2>for their money and when they provide that to the government,

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<v Speaker 2>they have a contract that that's going to be spent wisely.

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<v Speaker 2>These dollars, though, are coming in from tariffs to give

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<v Speaker 2>back to the American people, and I think that that

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<v Speaker 2>is a good plan that the President has set forth.

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<v Speaker 2>He will continue in consultation with his economic team and

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

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<v Speaker 2>I say this. You see on my building I hang

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<v Speaker 2>his banner because he is the president of the working family.

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<v Speaker 2>He is the president for the men and women of

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<v Speaker 2>this country. Every decision I make at the Department of

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<v Speaker 2>Labor is through the lens of the men and women

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<v Speaker 2>who have built this country, and they deserve to be

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<v Speaker 2>taken care of. And that's exactly what the President has

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<v Speaker 2>been doing.

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<v Speaker 3>Miss Secretary. Before we let you go, just quickly, I

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<v Speaker 3>know we're looking for a little bit of guidance on

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<v Speaker 3>some of the tax code changes, specifically who's going to

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<v Speaker 3>be exempted from overtime tax or who's going to get

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<v Speaker 3>that overtime tax exemption. Do you have any clarity on

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<v Speaker 3>that or at least a timeline of when we can

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<v Speaker 3>expect the Labor Department to come out with those clarifications.

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<v Speaker 2>Well, I'll be working with Treasury Secretary and certainly through

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<v Speaker 2>the Department of Labor. I would imagine that with those

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<v Speaker 2>policies in place from the Working Family Tax cut, that

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

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

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<v Speaker 2>But again, one hundred nineteen thousand jobs I think is

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<v Speaker 2>a solid report. I'll be looking forward to see what

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<v Speaker 2>the numbers are for November, which will be released in

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<v Speaker 2>mid December. And I know the economists all got it

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<v Speaker 2>wrong on this, and so this is a good for

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<v Speaker 2>the American people that we saw a solid report of

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<v Speaker 2>one hundred and nineteen thousand jobs.

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<v Speaker 3>Miss Secretary, thank you so much for joining us this morning.

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<v Speaker 3>That is the Labor Secretary, Laurie shavesder Rima. And of

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<v Speaker 3>course tomorrow, don't miss another important conversation Fed Governor been

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<v Speaker 3>my Ron on Bloomberg surveillance that will happen at eight

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<v Speaker 3>thirty am Wall Street Time,