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Speaker 1: US jobs numbers coming out showing a cooling in a

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Speaker 1: labor market and arrives in unemployment. Here with us now,

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Speaker 1: is Julie Sue, acting US Labor Secretary. A secretary? What

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Speaker 1: do you think of the numbers? What's your first take?

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Speaker 2: It's a good job report. It shows steady, stable growth.

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Speaker 2: I know we've been saying that for a couple months now,

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Speaker 2: but this last month's number was one hundred.

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Speaker 3: And fifty thousand jobs created.

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Speaker 2: It brings the total since President Biden came into office

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Speaker 2: to fourteen million. At the same time that we continue

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Speaker 2: to see unemployment rate under four percent for twenty one

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Speaker 2: months straight. That's the longest in over fifty years.

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Speaker 4: Madam Secretary, good morning. It's guy. Many Americans are dealing

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Speaker 4: with very high inflation and continuing to deal with that

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Speaker 4: very high inflation. It's eating into their pocketbooks every week.

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Speaker 4: It's eating in to the amount of money they take home.

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Speaker 4: Do you think a softer labor market is a price

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Speaker 4: worth paying for lower inflation?

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Speaker 2: Yeah, thank you, guy. I mean, I'll put this in context.

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Speaker 2: Right a year ago, over a year ago, President Biden

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Speaker 2: said that if we started to transition from the red

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Speaker 2: hot numbers for job growth that we were seeing at

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Speaker 2: the time it was like five hundred thousand a month

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Speaker 2: to something more like one hundred and fifty thousand, it

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Speaker 2: would be a sign that we were entering.

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Speaker 3: Into steady, stable growth.

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Speaker 2: And a lot of people said that would not be possible,

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Speaker 2: that we would not bring unemployment below four percent for

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Speaker 2: several years, and President Biden's economic policies have defied that expectation,

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Speaker 2: but also to your point, that we would not be

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Speaker 2: able to control inflation at the same time that we

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Speaker 2: keep unemployment down under four percent. And so we're continuing

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Speaker 2: to invest in and pursue economic policies that are doing

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Speaker 2: both of those things, bringing down inflation so working people

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Speaker 2: have a little bit more room, and also making sure

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Speaker 2: that the employment rate remains as low as possible.

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Speaker 1: Let's go to that, because three point nine percent for

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Speaker 1: the unemployment rate, we are really close to four and

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Speaker 1: many economists things that if you get to that four level,

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Speaker 1: that's usually the trigger point and the tipping point for

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Speaker 1: then a recession.

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Speaker 2: What do you see, Well, these numbers are still inconsistent

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Speaker 2: with a recession. They still they're much more consistent with

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Speaker 2: what the President has said, which is steady stable sustainable growth.

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Speaker 2: You know, the one hundred and fifty thousand number from

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Speaker 2: last month. If you take the over even with adjustments,

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Speaker 2: the three month average is still two hundred and four thousand.

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Speaker 2: So we're continue to see job creation and confidence and

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Speaker 2: workers in the labor market and employers, you know, opening

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Speaker 2: up businesses and continuing to create jobs.

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Speaker 4: But I'm secing to you one area of weakness within

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Speaker 4: the US economy at the moment appears to be manufacturing,

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Speaker 4: which in some ways is surprising. We saw it in

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Speaker 4: the ism data earlier on this week, We've seen it

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Speaker 4: with the employment data that we've seen today. Do you

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Speaker 4: think there we're in a situation where we haven't yet

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Speaker 4: fully seen the impact of the IRA and the stimulus

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Speaker 4: that is likely to bring to the manufacturing sector kicking

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Speaker 4: in yet when do you think we're going to feel

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Speaker 4: that effect? And are you surprised that manufacturing is doing

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Speaker 4: what he's doing right now?

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Speaker 2: I think that is absolutely right that the investments that

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Speaker 2: are being made their historic in nature, but they're not

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Speaker 2: going to come all overnight, right. Some of it is

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Speaker 2: you know, we're still building the factories they're going to

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Speaker 2: house the manufacturing, so that growth we expect to continue

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Speaker 2: as we reinvest in American jobs, American made goods. But

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Speaker 2: the other thing to note about last month's numbers in

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Speaker 2: manufacturing is it does reflect the historic United Auto Workers strike,

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Speaker 2: and so that strike has been resolved. Obviously the members

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Speaker 2: still need to ratify the tentative, but we saw historic

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Speaker 2: gains for working people in that in that agreement, and

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Speaker 2: so you know, with the strike ending, I think those

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Speaker 2: numbers will we'll see an adjustment back in the next month.

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Speaker 1: To that point, though, Sean Fain was talking to Bloomberg

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Speaker 1: earlier and said it he's like ready to go after Tesla,

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Speaker 1: like they were really only good concessions that were made

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Speaker 1: to workers in the auto strike agree in the autostrike agreement,

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Speaker 1: and I'm wondering if you guys are anticipating more strikes.

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Speaker 3: Workers have bargaining power. They got a good deal. So

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Speaker 3: two things about that.

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Speaker 2: One is that we certainly see, we imagine that the

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Speaker 2: future of this industry, the auto industry, even you know,

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Speaker 2: in a period of massive transition, can be characterized by

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Speaker 2: good middle class union jobs. That is our hope, and

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Speaker 2: that is what the outcome of the uaw's negotiations with

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Speaker 2: the Big three demonstrates. But the second thing is we

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Speaker 2: are seeing, in light of the achievements of the UAW

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Speaker 2: and the Big Three in their bargaining, that there are

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Speaker 2: other companies that are already starting to increase wages. And

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Speaker 2: so that is the ripple effect of what unions can do.

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Speaker 2: It's creating benefits not just for their members, but for

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Speaker 2: entire industries.

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Speaker 4: Madam Sick. One of the biggest changes we'veeen in the

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Speaker 4: labor market in the United States post pandemic has been

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Speaker 4: that many women have come back into the labor market

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Speaker 4: and this has been fantastic and I think it is

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Speaker 4: something that we all applaud. What we have now seen

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Speaker 4: is some of that pandemic era child support rolling off.

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Speaker 4: And I'm wondering, if you're already starting to see within

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Speaker 4: these numbers the impact of that the fewer women are

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Speaker 4: in the labor force, what would you as such you

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Speaker 4: that be and do you work? So if it is

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Speaker 4: an important question, what can the administration do to reverse

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Speaker 4: potentially some of the dire effect that comes from that

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Speaker 4: support rolling off.

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Speaker 2: Yeah, So I've said that women have really helped to

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Speaker 2: power this economic recovery. Women's employment ratio remains at historic

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Speaker 2: records also for seven months. It's been a record since

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Speaker 2: something like nineteen forty eight, and so women were devastated

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Speaker 2: during the pandemic right and came back.

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Speaker 3: In record numbers.

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Speaker 2: And of course, the availability and affordability of high quality

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Speaker 2: childcare remains critical for women's labor force participation. The present

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Speaker 2: has called on Congress and we do to make sure

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Speaker 2: that there is a care infrastructure that matches the roads

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Speaker 2: and bridges of the infrastructure of this country, and we

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Speaker 2: want to continue to see that.

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Speaker 3: Now. Having said that, we did see that in the.

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Speaker 2: October numbers that overall healthcare jobs increased. It was the

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Speaker 2: highest increase of coss any sectors, fifty eight thousand jobs

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Speaker 2: from hospitals to social assistance which includes elder care to.

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Speaker 3: Care jobs.

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Speaker 1: As adem Secretary, on the flip side, we saw black

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Speaker 1: women unemployment jumping a five point three percent, the biggest

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Speaker 1: one month increase we've seen since May. And I'm wondering

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Speaker 1: if that's a direct result of losing the childcare.

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Speaker 3: Right.

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Speaker 2: So we have to maintain laser focus on equity and

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Speaker 2: ensuring that every single family and community is included in

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Speaker 2: the growth that we have. The President talks about this

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Speaker 2: all the time here at the Department of Labor. You know,

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Speaker 2: I get to travel around the country and see training

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Speaker 2: programs that we have that are focused specifically on communities

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Speaker 2: that have been left out for far too long, and

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Speaker 2: so we know that there continues to be work to

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Speaker 2: do in that space, and we're going.

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Speaker 3: To continue to do it, all right, Thank you very much.

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Speaker 1: We appreciate it, Mam. Secretary Julie Sue, Acting at US

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Speaker 1: Labor Secretary