1 00:00:02,440 --> 00:00:07,680 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. We're pleased to be 2 00:00:07,720 --> 00:00:11,319 Speaker 1: now joined by Acting US Labor Secretary Julie Sue. Julie, 3 00:00:11,360 --> 00:00:14,120 Speaker 1: thank you so much for joining us coming in on 4 00:00:14,160 --> 00:00:16,720 Speaker 1: this very hot upside surprise. When it comes to the 5 00:00:16,720 --> 00:00:19,759 Speaker 1: non farm payroll's number, which interesting though, is the labor 6 00:00:19,760 --> 00:00:23,120 Speaker 1: force participation rate and increase more than expected to sixty 7 00:00:23,160 --> 00:00:26,120 Speaker 1: two point seven percent. Where do you see this supply 8 00:00:26,280 --> 00:00:27,640 Speaker 1: coming from? 9 00:00:28,360 --> 00:00:32,960 Speaker 2: Good question? So, yes, this was another incredible jobs report, right, 10 00:00:33,000 --> 00:00:36,480 Speaker 2: three hundred and three thousand jobs created, bringing the total 11 00:00:36,520 --> 00:00:39,440 Speaker 2: since President Biden came into office of fifteen point two million. 12 00:00:39,720 --> 00:00:42,960 Speaker 2: Unemployment rate remains at historic lows. And yes, the labor 13 00:00:42,960 --> 00:00:46,440 Speaker 2: force participation rate overall increased, and that number actually comes 14 00:00:46,440 --> 00:00:50,519 Speaker 2: a lot from young workers, from teenagers. The overall just 15 00:00:50,600 --> 00:00:55,400 Speaker 2: in the prime age workforce remained steadier, So that's where 16 00:00:55,400 --> 00:00:56,560 Speaker 2: that supply is coming from. 17 00:00:56,600 --> 00:00:58,360 Speaker 1: There's a lot of talk though this is also coming 18 00:00:58,400 --> 00:01:02,200 Speaker 1: in from higher immigration, both documented and undocumented. Are you 19 00:01:02,280 --> 00:01:04,720 Speaker 1: seeing that as well? 20 00:01:04,800 --> 00:01:08,120 Speaker 2: So our numbers demonstrate that that particular data point is 21 00:01:08,120 --> 00:01:13,320 Speaker 2: coming from young workers. But certainly, you know, a positive economy, 22 00:01:13,480 --> 00:01:20,360 Speaker 2: a strong jobs situation is good for all workers immigrants included. 23 00:01:20,520 --> 00:01:24,360 Speaker 2: So we are certainly also seeing you know, immigrant workers 24 00:01:24,760 --> 00:01:28,680 Speaker 2: and native born workers really be part of this overall 25 00:01:28,720 --> 00:01:32,360 Speaker 2: story of growth that's much higher than expected, not just 26 00:01:32,400 --> 00:01:34,320 Speaker 2: this month, but over the last several months. 27 00:01:34,440 --> 00:01:36,720 Speaker 1: Jay Powell talked about this earlier this week. He didn't 28 00:01:36,720 --> 00:01:39,480 Speaker 1: want to get political when he talked about immigration policy, 29 00:01:39,480 --> 00:01:40,960 Speaker 1: but he said he wants to call the strikes and 30 00:01:41,000 --> 00:01:43,000 Speaker 1: the balls of how he sees it, which is more 31 00:01:43,040 --> 00:01:47,800 Speaker 1: immigration creating a bigger economy with more capacity instead of 32 00:01:47,840 --> 00:01:50,960 Speaker 1: a tighter economy. Is that what you see a growing 33 00:01:51,040 --> 00:01:53,640 Speaker 1: economy maybe because of this influx of immigration. 34 00:01:54,920 --> 00:01:57,360 Speaker 2: Well, so we continue to see this tight labor market 35 00:01:57,440 --> 00:02:02,040 Speaker 2: in part because we're seeing growth in JAW and labor 36 00:02:02,040 --> 00:02:05,120 Speaker 2: force participation rate high. Right, But to your point, you know, 37 00:02:05,240 --> 00:02:09,160 Speaker 2: immigrants have long contributed to a strong economy, and so 38 00:02:09,560 --> 00:02:13,399 Speaker 2: this overall high GDP yes is a function both of 39 00:02:13,520 --> 00:02:19,440 Speaker 2: again immigration and immigrant participation in the workforce and overall participation. 40 00:02:19,639 --> 00:02:23,120 Speaker 2: You know, these unemployment rates at being a historic lows 41 00:02:23,160 --> 00:02:25,480 Speaker 2: are true pretty much across the board. 42 00:02:25,800 --> 00:02:28,720 Speaker 1: One area we didn't see any improvement was manufacturing employment 43 00:02:28,720 --> 00:02:30,880 Speaker 1: after a drop last month. We spoke about this last 44 00:02:30,919 --> 00:02:34,079 Speaker 1: month where there's a loss of ten thousand jobs in February. 45 00:02:34,200 --> 00:02:37,880 Speaker 1: The President likes to talk about boost and manufacturing space. 46 00:02:38,240 --> 00:02:39,720 Speaker 1: Why are we not seeing more of that? 47 00:02:40,960 --> 00:02:43,200 Speaker 2: Yeah, that's right. So we've seen about, you know, over 48 00:02:43,240 --> 00:02:46,200 Speaker 2: seven hundred thousand jobs in manufacturing created since the President 49 00:02:46,240 --> 00:02:49,760 Speaker 2: came into office. This last month, we saw one of 50 00:02:49,760 --> 00:02:54,720 Speaker 2: the industries of large growth was in construction, especially specialty constructions. 51 00:02:54,760 --> 00:02:58,919 Speaker 2: So these are carpenters, these are electricians, and so there's 52 00:02:59,040 --> 00:03:03,079 Speaker 2: building going up, and you've got to build the factories 53 00:03:03,120 --> 00:03:06,480 Speaker 2: before you have people working in them. And so we've 54 00:03:06,480 --> 00:03:12,040 Speaker 2: seen steady growth, but the manufacturing kind of follows the construction. 55 00:03:12,280 --> 00:03:15,400 Speaker 2: And this is a moment of historic investments as part 56 00:03:15,440 --> 00:03:17,800 Speaker 2: of the President's Investing in America agenda in both of 57 00:03:17,840 --> 00:03:20,320 Speaker 2: those industries. And twenty twenty four will continue to be 58 00:03:20,360 --> 00:03:22,440 Speaker 2: a big year in manufacturing. 59 00:03:22,480 --> 00:03:26,239 Speaker 1: But really, when you look at the Blue Wall, Wisconsin, Pennsylvania, Michigan, 60 00:03:26,520 --> 00:03:31,200 Speaker 1: these three key industrial swing states a collective, thirty nine 61 00:03:31,200 --> 00:03:34,800 Speaker 1: thousand fewer people are working in manufacturing then five years ago. 62 00:03:35,080 --> 00:03:38,840 Speaker 1: Where are those manufacturing jobs going? And how uneasy does 63 00:03:38,880 --> 00:03:42,160 Speaker 1: it make you that the Blue Wall is losing key 64 00:03:42,440 --> 00:03:43,720 Speaker 1: manufacturing jobs. 65 00:03:44,920 --> 00:03:47,400 Speaker 2: So the President's been very clear, we are going to 66 00:03:47,440 --> 00:03:50,040 Speaker 2: make things in America. We've invented them here, we should 67 00:03:50,040 --> 00:03:51,840 Speaker 2: be able to make them here. That is part of 68 00:03:51,880 --> 00:03:57,280 Speaker 2: the truly unprecedented investments in industries, including in manufacturing. I've 69 00:03:57,320 --> 00:04:00,960 Speaker 2: been to Michigan, I've been to Wisconsin, and we're seeing 70 00:04:01,360 --> 00:04:05,280 Speaker 2: working people in apprenticeship programs that are bursting at the seams. 71 00:04:05,360 --> 00:04:08,600 Speaker 2: We're seeing people talk about a sense of security, about 72 00:04:08,600 --> 00:04:10,680 Speaker 2: a career that they're now going to have they didn't 73 00:04:10,720 --> 00:04:15,560 Speaker 2: see possible just a few years ago. So that's the trend. 74 00:04:16,000 --> 00:04:19,520 Speaker 2: The numbers don't lie. The numbers reflect that also, and 75 00:04:19,560 --> 00:04:23,520 Speaker 2: again we're seeing them in construction, which had really big 76 00:04:23,560 --> 00:04:27,640 Speaker 2: growth last month, and we will continue to see growth again. 77 00:04:27,720 --> 00:04:30,360 Speaker 2: You know, there's sort of one has to come before 78 00:04:30,400 --> 00:04:34,080 Speaker 2: the other, and manufacturing is an area of big investments 79 00:04:34,800 --> 00:04:38,480 Speaker 2: and under President Biden and I trust that those numbers 80 00:04:38,600 --> 00:04:40,360 Speaker 2: will be reflected as we go forward. 81 00:04:40,880 --> 00:04:44,359 Speaker 1: Right, But less people have been working there since five 82 00:04:44,440 --> 00:04:48,080 Speaker 1: years ago in those three states. Where are they going? 83 00:04:49,160 --> 00:04:52,200 Speaker 2: Yeah, So you know, we're not afraid to tackle hard problems, right, 84 00:04:52,240 --> 00:04:54,200 Speaker 2: and one of them is to reverse the trend that 85 00:04:54,240 --> 00:04:57,640 Speaker 2: you're talking about. There was a long time trend before 86 00:04:57,680 --> 00:05:02,680 Speaker 2: President Biden came in of manuf moving overseas. The President said, 87 00:05:02,800 --> 00:05:05,800 Speaker 2: very clearly, not on my watch, not anymore. That's a 88 00:05:05,839 --> 00:05:07,880 Speaker 2: function of wanting the jobs to be here, wanting them 89 00:05:07,920 --> 00:05:10,400 Speaker 2: to be good jobs that provide a pathway to the 90 00:05:10,400 --> 00:05:13,760 Speaker 2: American dream. But also about a resilient supply chain. It's 91 00:05:13,760 --> 00:05:16,240 Speaker 2: about our national security, and so all of those are 92 00:05:16,360 --> 00:05:19,320 Speaker 2: part of the vision that he came into office with. 93 00:05:19,440 --> 00:05:21,880 Speaker 2: And frankly, you know, the growth that we've seen over 94 00:05:21,920 --> 00:05:25,000 Speaker 2: the last three years was not promised. Most people said 95 00:05:25,200 --> 00:05:29,480 Speaker 2: it could not happen. And across again all industries, there 96 00:05:29,520 --> 00:05:32,520 Speaker 2: has been growth, much of it returning to pre pandemic levels. 97 00:05:32,600 --> 00:05:35,039 Speaker 2: Right we're talking about hospitals and healthcare, we're talking about 98 00:05:35,040 --> 00:05:38,240 Speaker 2: local education. Local education return to pre pandemic levels for 99 00:05:38,320 --> 00:05:41,160 Speaker 2: the first time this past month. And we will continue 100 00:05:41,200 --> 00:05:45,920 Speaker 2: to see growth in manufacturing, not by accident, but because 101 00:05:46,160 --> 00:05:49,479 Speaker 2: of the investments in the Investing in America agenda. 102 00:05:49,720 --> 00:05:52,560 Speaker 1: The unemployment rate three point eight percent. It's been lower 103 00:05:52,600 --> 00:05:54,640 Speaker 1: than four percent for more than two years now. But 104 00:05:54,720 --> 00:05:57,839 Speaker 1: that's not for everyone. The report shows uneployment right for 105 00:05:57,839 --> 00:06:01,720 Speaker 1: black Americans increased in March. Why is this moving in. 106 00:06:01,680 --> 00:06:05,120 Speaker 2: The wrong direction for Black Americans, so we pay very 107 00:06:05,160 --> 00:06:07,400 Speaker 2: close attention to that. You know, again, if you look 108 00:06:07,440 --> 00:06:11,440 Speaker 2: at the trends over the last three years, the black 109 00:06:11,600 --> 00:06:16,360 Speaker 2: white unemployment gap is at also historically low levels. That's 110 00:06:16,400 --> 00:06:18,479 Speaker 2: because the President has also been very clear we are 111 00:06:18,560 --> 00:06:21,479 Speaker 2: not gonna build the economy we want if we leave 112 00:06:21,600 --> 00:06:24,400 Speaker 2: anyone behind, and so a lot of our work at 113 00:06:24,440 --> 00:06:26,680 Speaker 2: the Department of Labor has been focused on making sure 114 00:06:26,680 --> 00:06:30,240 Speaker 2: that there are apprenticeship programs, pathways to good jobs in 115 00:06:30,279 --> 00:06:33,560 Speaker 2: all communities, including in the black community. We did see 116 00:06:33,720 --> 00:06:38,920 Speaker 2: an uptick that the black unemployment rate there was primarily 117 00:06:38,960 --> 00:06:41,480 Speaker 2: for black women. So we're keeping a very very close 118 00:06:41,520 --> 00:06:45,200 Speaker 2: eye on that and we'll continue to work on closing 119 00:06:45,400 --> 00:06:48,120 Speaker 2: that gap between black white unemployment. 120 00:06:48,800 --> 00:06:51,120 Speaker 1: Acting Labor Secretary Julie Sue, we thank you for your 121 00:06:51,440 --> 00:06:52,200 Speaker 1: time this morning.