WEBVTT - US Acting Labor Secretary Julie Su Talks Economy

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<v Speaker 1>Let's broad out this conversation because I'm pleased to say

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<v Speaker 1>now that joining us is US acting Labor Secretary, Julie Sue, Secretary.

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<v Speaker 1>This is our last conversation together in this specific context,

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<v Speaker 1>and of course we're on the heels of a blowout

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<v Speaker 1>jobs report for the December hiring period. As you prepare

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<v Speaker 1>to hand off to the incoming Trump administration, would you

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<v Speaker 1>describe this labor market as a fully employed America? What

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<v Speaker 1>work is still left to be done?

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<v Speaker 2>I mean, there's of course still work to do, and

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<v Speaker 2>we've said that from the beginning, which is why from

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<v Speaker 2>the beginning we said the unprecedented crises facing this country

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<v Speaker 2>required an unprecedented solution, an unprecedented response, including by the

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<v Speaker 2>federal government, and that's what we have done. And today's

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<v Speaker 2>numbers following on the heels of consistent, steady, stable growth

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<v Speaker 2>sixteen point seven million jobs since his president came into office.

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<v Speaker 2>He is the only president that has had positive job

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<v Speaker 2>growth every single month of his presidency. And that is

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<v Speaker 2>what we hand off because we knew that that's what

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<v Speaker 2>the American people deserved, and we knew that if we

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<v Speaker 2>focused on what was good for workers first, that we

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<v Speaker 2>could have recovery like no other, and that's certainly what

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<v Speaker 2>this month's numbers reflect.

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<v Speaker 1>Yeah, I believe we're looking at forty eight months with

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<v Speaker 1>consecutive payroll gains, and that, of course is going in

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<v Speaker 1>data going back to nineteen thirty nine. I do want

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<v Speaker 1>to talk about the manufacturing sector, because if you're looking

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<v Speaker 1>for some pain, you're going to find it there in

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<v Speaker 1>the manufacturing sector shedding jobs again in December. What do

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<v Speaker 1>you think is going on specifically in that industry. Can

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<v Speaker 1>we draw a line between those job losses to all

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<v Speaker 1>of the different labor disputes that.

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<v Speaker 2>We've been seeing. No, I would draw the line too.

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<v Speaker 2>Really decades of economic policies, trade policies that have not

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<v Speaker 2>favored workers, and of commitment to jobs, which is also

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<v Speaker 2>why President Biden came in and said we're going to

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<v Speaker 2>invest in manufacturing. As a result, the recovery that we've

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<v Speaker 2>seen since twenty twenty one is the only economic recovery

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<v Speaker 2>in this century in which the manufacturing sector actually bounced

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<v Speaker 2>back from a crisis like the one we inherited. And

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<v Speaker 2>so there's more work to do, there's no question about it.

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<v Speaker 2>And we know that workers in states where manufacturing has

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<v Speaker 2>been the foundation need continued investments, and there's some uncertainly

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<v Speaker 2>about that because the incoming administration has raised questions about

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<v Speaker 2>whether those investments would continue. But what we've seen is

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<v Speaker 2>that doing that, having the Inflation Reduction Act right, having

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<v Speaker 2>investments in bringing manufacturing back to the United States into

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<v Speaker 2>our heartland is the right way to build the economy.

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<v Speaker 3>One more here on manufacturing here, because both American workers

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<v Speaker 3>and investors alike are looking for any potential future pains

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<v Speaker 3>that could come. How much do you see this as

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<v Speaker 3>a harbinger for future cooling in the labor market or

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<v Speaker 3>do you think that this is just attributed to cyclical factors.

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<v Speaker 2>Well, I mean, at this point, any sort of change

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<v Speaker 2>in direction in terms of investing in American manufacturing right

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<v Speaker 2>and investing in the companies who've committed to make things

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<v Speaker 2>here and making sure those investments result in not just

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<v Speaker 2>numbers of jobs, but good jobs. Any reversal of that

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<v Speaker 2>feels like it would be terribly irresponsible. And so you know,

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<v Speaker 2>we've certainly seen again the growth that we've seen steadily

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<v Speaker 2>over this administration does not happen by accident, and the

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<v Speaker 2>reversal of decades long trends that have not been good

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<v Speaker 2>for working people. Also cannot happen overnight. So my hope

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<v Speaker 2>is that we are handing off the strongest economy in

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<v Speaker 2>the world right now, and the work remains unfinished, and

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<v Speaker 2>that commitment to workers, we hope will continue too, so

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<v Speaker 2>those manufacturing jobs can continue to come back. And we've

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<v Speaker 2>seen two years of very strong growth in construction that's

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<v Speaker 2>non residential construction. A lot of that because of the

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<v Speaker 2>presence infrastructure promises that we've been delivering on, and you've

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<v Speaker 2>got to build the factories before you can employ people

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<v Speaker 2>in them, so that's still work to come exactly.

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<v Speaker 4>That work has to continue, ma'am. I wonder in terms

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<v Speaker 4>of the transition, if you've spoken with incoming the incoming

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<v Speaker 4>labor nominee Lori Chavez de Raymer, have you had those

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<v Speaker 4>conversations with her team as part of the transition.

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<v Speaker 2>Now, my team has been very cooperative. Their transition team

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<v Speaker 2>has been here on site, and we are in every

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<v Speaker 2>way going to cooperate both to make sure that they

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<v Speaker 2>can succeed, but also to make sure that the strength

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<v Speaker 2>of the department that we've built up right, not only

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<v Speaker 2>to do all these good things we've talked about in

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<v Speaker 2>terms of job creation and connecting people to good jobs,

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<v Speaker 2>but also that really basic mission of enforcing labor laws,

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<v Speaker 2>making sure that every worker gets a just days pay

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<v Speaker 2>for a hard day's work, making sure every worker comes

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<v Speaker 2>home healthy and safe. Those are fundamental responsibilities of the Department,

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<v Speaker 2>and and our fifteen thousand strong federal workers are gonna

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<v Speaker 2>continue that really important work. And so we're cooperating with

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<v Speaker 2>following the Presence instruction that we make this a very

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<v Speaker 2>smooth transfer of power.

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<v Speaker 1>Well, let's talk, of course about what the new Labor

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<v Speaker 1>Department will have to deal with when it comes to

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<v Speaker 1>extreme weather. You and I have spoken before about the impacts,

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<v Speaker 1>of course of the hurricanes Milton and Helene on the

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<v Speaker 1>labor market, and we're witnessing devastating wildfires underway in California

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<v Speaker 1>in the Los Angeles area. How much of an impact

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<v Speaker 1>would you expect that to have on the January print

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<v Speaker 1>and the revisions going forward from there?

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<v Speaker 2>Yeah, I mean, thank you for mentioning that. You know,

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<v Speaker 2>that is my home state and my home city, and

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<v Speaker 2>so I've talked to lots of friends, family members who

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<v Speaker 2>it's the human impact of climate change, and you know,

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<v Speaker 2>it's devastating, right, from wildfires to hurricanes. We've seen that

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<v Speaker 2>just in the last few years, even you know, part

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<v Speaker 2>of our job here is to make sure that those

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<v Speaker 2>workers who go in and do the work during those

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<v Speaker 2>disasters are themselves paid and healthy and safe in doing

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<v Speaker 2>that job. It's also to make sure that when communities

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<v Speaker 2>have to recover, that they get the disaster benefits and

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<v Speaker 2>relief that they need. And so again, those are really fundamental,

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<v Speaker 2>important roles of the department, and we also leave a

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<v Speaker 2>department that's really strongly poised to deliver on those kinds

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<v Speaker 2>of things.

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<v Speaker 1>But it's devastating, all right, Secretary, we have to leave

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<v Speaker 1>it there. We really appreciate you taking the time to

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<v Speaker 1>speak with us on these labor releases over the past

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<v Speaker 1>several months, and best of luck in your next role,

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<v Speaker 1>that is Acting Labor Secretary. Julie Sue