WEBVTT - Julie Su Talks June Unemployment Report

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

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<v Speaker 2>A little less an hour ago, we got US jobs

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<v Speaker 2>data coming in at two hundred and six thousand. The

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<v Speaker 2>unemployment rate goes from four percent to four point one percent,

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<v Speaker 2>with a big revision for the months prior. For the

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<v Speaker 2>Biden administration's take on the US jobs report, we are

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<v Speaker 2>joined now by Acting US Labor Secretary Julie Sue. Julie,

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<v Speaker 2>let me just get your first take on these numbers.

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<v Speaker 3>It's another very solid jobs report, two hundred and six

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<v Speaker 3>thousand jobs created, bringing the total since President Biden came

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<v Speaker 3>into office to nearly sixteen million. I've been here before

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<v Speaker 3>talking about the unemployment rate. We had an unemployment rate

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<v Speaker 3>out of below four percent for the longest stretch since

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<v Speaker 3>Neil Armstrong step foot on the moon, and it's ticked

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<v Speaker 3>up slightly now, partly because we also see an increase

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<v Speaker 3>in labor force participation rate among prime age workers. People

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<v Speaker 3>coming into labor market looking for jobs. It's taking them

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<v Speaker 3>a little bit longer to find them. But we're seeing

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<v Speaker 3>a balance between supply and demand when it comes to

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<v Speaker 3>workers looking for jobs and employers finding what they need.

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<v Speaker 3>All signs of a strong, steady economy.

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<v Speaker 2>The obvious flaw in some of these numbers. Secretary, So

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<v Speaker 2>you might be the fact that we've had big revisions

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<v Speaker 2>for the months prior one hundred and eleven thousand, when

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<v Speaker 2>you look at some of the months prior, do you

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<v Speaker 2>look at today's data and say, you know, we might

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<v Speaker 2>expect another revision that perhaps some of the rosiness of

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<v Speaker 2>it seems to kind of be undermined with each next

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<v Speaker 2>month of data that comes in and some of the

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<v Speaker 2>revisions that come in.

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<v Speaker 3>I'm so glad you asked that question, because revisions are

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<v Speaker 3>part of.

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<v Speaker 1>The numbers that come out. They've always been part of

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<v Speaker 1>the numbers.

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<v Speaker 3>It's why we're able to put out numbers every single

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<v Speaker 3>month and then adjust them to make sure that data

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<v Speaker 3>that comes in later is incorporated into it. That's why

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<v Speaker 3>we don't just look at one month's data. That's why

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<v Speaker 3>we look at trends. If you look at by any measure,

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<v Speaker 3>since twenty twenty one, when the president came into office,

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<v Speaker 3>if you look at the last three months trend no

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<v Speaker 3>matter how you slice it, the pie is getting bigger.

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<v Speaker 3>There are more jobs in the economy, more workers are

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<v Speaker 3>getting these jobs, and the real wages are up so

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<v Speaker 3>that that means that more working people are also having

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<v Speaker 3>breathing room to be able to live.

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<v Speaker 1>Those are all not accidents.

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<v Speaker 3>Those are all very much fundamental to President Biden's vision

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<v Speaker 3>of how you build a strong America.

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<v Speaker 2>But it is an unemployment rate that did move higher

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<v Speaker 2>July four point one percent. And this is what a

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<v Speaker 2>lot of people have pointed to that rarely does a

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<v Speaker 2>labor market move in a linear fashion. The concern is

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<v Speaker 2>if unemployment is moving higher, then a nonlinear move could

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<v Speaker 2>be what's next on the cards? What gives you the

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<v Speaker 2>confidence that that strength will continue and you won't see

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<v Speaker 2>a precipitous move that goes from slightly soft to something

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<v Speaker 2>more pernicious.

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<v Speaker 1>I mean, I guess I'll answer it this way.

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<v Speaker 3>Four point one percent still remains a very very low

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<v Speaker 3>unemployment rate. Our economic recovery under President Biden has been

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<v Speaker 3>the most robust anywhere in the world, and so that

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<v Speaker 3>four point one percent, it is slightly up from before.

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<v Speaker 3>But looking at all historic measures, especially looking at recoveries

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<v Speaker 3>from past economic crises, it is athlete historic in nature,

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<v Speaker 3>and that did not happen by accident.

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<v Speaker 1>Right, It was not inevitable.

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<v Speaker 3>Most people bet against it, but President Biden said, if

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<v Speaker 3>we invest big in America, we can pull ourselves out

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<v Speaker 3>of the pandemic, prevent economic.

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<v Speaker 1>Scarring, and those investments.

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<v Speaker 3>One reason I'm confident is that those investments are just

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<v Speaker 3>getting started. The presence Investing America agenda is putting more

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<v Speaker 3>money into communities for roads, bridges, clean drinking water, for

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<v Speaker 3>high speed, reliable internet. We are tackling our climate crisis.

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<v Speaker 3>We're putting more wages into workers' pockets. Just this past week,

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<v Speaker 3>a million more workers became eligible for overtime pay because

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<v Speaker 3>of this president's economic policies. Just this past week, we

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<v Speaker 3>put in place the first nationwide proposed standard to protect

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<v Speaker 3>workers from the hazards of heat.

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<v Speaker 1>All of these are forward.

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<v Speaker 3>Going policies that make me confident that building an economy

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<v Speaker 3>in which no one gets left behind and workers do

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<v Speaker 3>well is not only possible, it's the only option for

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<v Speaker 3>this president, I.

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<v Speaker 1>Think for this market.

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<v Speaker 2>There's a lot of uncertainties about twenty twenty five. I

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<v Speaker 2>know there's a lot of drama happening in DC this

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<v Speaker 2>weekend with Team Biden and what happens with that and

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<v Speaker 2>the election itself.

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<v Speaker 1>It's always periods of uncertainty.

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<v Speaker 2>I'm not going to ask you about that directly because

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<v Speaker 2>I know that you don't want to talk about it.

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<v Speaker 2>But when you think about this labor market and what

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<v Speaker 2>we call the fog of twenty twenty five, how do

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<v Speaker 2>you deal with that and think about that with still

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<v Speaker 2>the outcomes unknown and again, as you say, policy is

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<v Speaker 2>still needing to work out, how do you think about

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<v Speaker 2>that policy when again we don't know what twenty twenty

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<v Speaker 2>five looks like.

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<v Speaker 1>No, we don't know.

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<v Speaker 3>You're right, but I'm happy to talk about it because

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<v Speaker 3>if we want to talk about the fog, the real

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<v Speaker 3>fog is let's look back.

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<v Speaker 1>At twenty twenty.

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<v Speaker 3>In July this day in twenty twenty, the unemployment rate

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<v Speaker 3>was almost twelve percent.

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<v Speaker 1>For July fourth, Americans were told to stay.

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<v Speaker 3>Home, stay away from people because we had a pandemic

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<v Speaker 3>that was out of control with no national strategy to

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<v Speaker 3>address it.

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<v Speaker 1>This president has turned that all around.

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<v Speaker 3>We've been talking month after month about is the jobs

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<v Speaker 3>number too high?

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<v Speaker 1>Is it too hot? Is it going to cool?

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<v Speaker 3>And each time the answer is that we are moving

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<v Speaker 3>to a stable, steady economic growth economy. And that is

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<v Speaker 3>exactly what the President said could be done with the

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<v Speaker 3>right vision, with the right economic strategy and the right delivery.

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<v Speaker 3>So there's no drama here on this side. We know

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<v Speaker 3>that what we have put in place is working, and

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<v Speaker 3>we just know that we.

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<v Speaker 1>Have to keep at it.

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<v Speaker 2>And Julie, I know you've discussed this idea before that

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<v Speaker 2>yes there is strength. However, it is not necessarily an

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<v Speaker 2>American populace that sees that strength. A lot of these

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<v Speaker 2>sentiment surveys that we see tend to show a weakening,

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<v Speaker 2>and they've showed a real substantial weakening, and the more

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<v Speaker 2>recent ones we've got, some of the explanations have been

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<v Speaker 2>because of medical uncertainty that we were just discussing of

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<v Speaker 2>not knowing what things look like. So does the messaging

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<v Speaker 2>need to change, especially at this very crucial moment where

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<v Speaker 2>Biden's survival is put into question for this election? Is

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<v Speaker 2>the current messaging working? You think? On this labor market

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<v Speaker 2>and the strength of the economy, I mean, I can.

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<v Speaker 3>Say what I see right one is again I come

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<v Speaker 3>here to talk about the jobs numbers, and I'm very

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<v Speaker 3>proud to say again, none of these numbers, non of

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<v Speaker 3>these outcomes were inevitable. They required solid leadership and strong

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<v Speaker 3>economic strategy.

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<v Speaker 1>We've seen past recoveries. They were not like this.

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<v Speaker 3>Right, The jobs that have been created under this president

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<v Speaker 3>are more than have been created under any president in

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<v Speaker 3>the same time period in history. When you look at

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<v Speaker 3>what he and we inherited that is, it's really incredible.

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<v Speaker 3>But I also think this is why I travel the country, right,

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<v Speaker 3>this is why I've launched Good Job Summer, where I'm

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<v Speaker 3>going across the country to talk about the need for

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<v Speaker 3>good jobs in every single community. And what I see

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<v Speaker 3>there is workers who want to work, Americans with tremendous

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<v Speaker 3>talent that they want to put to use, and training programs,

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<v Speaker 3>community college connections, investments that.

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<v Speaker 1>Are creating those good jobs.

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<v Speaker 3>We see them in the job's numbers, but I see

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<v Speaker 3>them when I travel and what the real impact is

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<v Speaker 3>and I think we see those sentiments surveys starting to

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<v Speaker 3>turn to But when I talk to American workers and

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<v Speaker 3>America's families, they see a president who cares about them,

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<v Speaker 3>who sees them, who knows that they're not invisible, and

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<v Speaker 3>is willing to do the hard work to make life

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<v Speaker 3>better for them.

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<v Speaker 2>Secretary, who, we really appreciate your time this morning. Hopefully

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<v Speaker 2>you can enjoy a little bit of the July fourth festivities.

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<v Speaker 2>Acting US Labor Secretary Julie Sue There