WEBVTT - Acting Labor Secretary Julie Su Talks Latest Jobs Report

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News. This is another very

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<v Speaker 1>strong jobs report.

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<v Speaker 2>I'm not going to get tired of coming here and

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<v Speaker 2>telling you that we are continuing to experience very strong,

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<v Speaker 2>stable and steady growth. So it's two hundred and seventy

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<v Speaker 2>two thousand jobs created last month.

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<v Speaker 1>The unemployment rate has remained at.

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<v Speaker 2>Or below four percent for thirty months straight. That's still

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<v Speaker 2>the longest since the nineteen sixties. And at the same time,

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<v Speaker 2>real wages, you know, over the year are up four

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<v Speaker 2>point one percent, So workers are doing better in an

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<v Speaker 2>economy in which the President has said, when we focus

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<v Speaker 2>on workers and worker well being, we're going to do

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<v Speaker 2>what's right for the economy and for the country.

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<v Speaker 3>When you look under the hood, you find that four

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<v Speaker 3>hundred thousand, even more than four hundred thousand people left

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<v Speaker 3>the labor force in May. The participation rate is not

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<v Speaker 3>back where it was before COVID. Right now, how do

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<v Speaker 3>you explain that?

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<v Speaker 2>Well, so let's say, you know, the prime age labor

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<v Speaker 2>force PARTESIS patient rate remains very very strong, and it's

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<v Speaker 2>worth noting that again women's labor first participation.

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<v Speaker 1>Rate hit another historic high.

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<v Speaker 2>So last month we said it was the highest since

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<v Speaker 2>nineteen forty eight when this data was begun to be collected.

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<v Speaker 1>It's now a little bit higher than that.

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<v Speaker 2>Even so, women continue to power our economic recovery. At

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<v Speaker 2>the same time, you know, we are seeing again strong participation.

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<v Speaker 2>People are in the job market. People have come off

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<v Speaker 2>the sidelines. People are looking for jobs and they're finding them.

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<v Speaker 2>Where there has been a little bit of you know,

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<v Speaker 2>of a very small uptick in the unemployment rate again

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<v Speaker 2>still at or below four percent for the longest stretch

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<v Speaker 2>in decades, but has to do with young people ages

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<v Speaker 2>twenty to twenty four, who are in a bit of transition. Really,

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<v Speaker 2>if we think about May, right May is a period

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<v Speaker 2>of transition for all of us, parents with kids who

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<v Speaker 2>graduate and maybe move and you know, are looking for

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<v Speaker 2>different jobs during that time.

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<v Speaker 3>You can tell a great story and put a great

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<v Speaker 3>headline number on that unemployment story as you are right now.

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<v Speaker 3>But when you look under the hood, you do see

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<v Speaker 3>some elements of weakness compared to the payroll survey. And

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<v Speaker 3>I wonder, while your happy word is now, if you

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<v Speaker 3>worry about where we're going to be six months from now,

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<v Speaker 3>if this is a slowing job market.

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<v Speaker 2>Well, the payroll survey really is the gold standard when

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<v Speaker 2>it comes to the unemployment rate, right, this is the

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<v Speaker 2>you know, it's the largest by far of any data set,

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<v Speaker 2>including the household survey that is used. And so again,

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<v Speaker 2>I don't think there's any way to paint this as

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<v Speaker 2>other than continued, strong, stable and steady growth under President

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<v Speaker 2>Biden's leadership and proof of his theory that if we

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<v Speaker 2>invest in America, we can create good jobs in communities

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<v Speaker 2>and crowd in private investment in order to do that.

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<v Speaker 2>And you know, as I travel the country, I'm seeing

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<v Speaker 2>the benefits of that.

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<v Speaker 3>We've talked a lot about the impacts that immigration has

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<v Speaker 3>on our job market. It can be for better or worse,

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<v Speaker 3>depending on the trend that you're looking at. And there's

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<v Speaker 3>an analysis from Steve England Standard Chartered Bank that we

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<v Speaker 3>looked at this week that estimates about half of the

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<v Speaker 3>job growth since October can be attributed to undocumented migrants.

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<v Speaker 3>That it's somewhere in the area of one hundred and

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<v Speaker 3>nine thousand a month. If the President's executive order put

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<v Speaker 3>in place just days ago lowers the threshold, lowers the

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<v Speaker 3>numbers of undocumented immigrants entering the country, what does that

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<v Speaker 3>mean for the job market. Do you see numbers like

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<v Speaker 3>that in you're modeling.

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<v Speaker 1>I mean, I haven't seen that study.

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<v Speaker 2>I would actually question those numbers based on what we see.

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<v Speaker 2>This is a situation where one we're not talking about

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<v Speaker 2>dividing a small pie into smaller pieces.

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<v Speaker 1>We're talking about a much bigger pie overall.

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<v Speaker 2>So more jobs, more people in the labor market, more

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<v Speaker 2>opportunity for all. Since the President came into office, again,

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<v Speaker 2>we've talked about this, you know, fifteen million jobs created.

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<v Speaker 2>That is a fifteen million families, fifteen million individuals who

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<v Speaker 2>are having the benefits of a good job that might

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<v Speaker 2>not have had that before. I would also say that

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<v Speaker 2>it is true that there has been you know, immigration

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<v Speaker 2>based growth also, and that has been true throughout our

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<v Speaker 2>nation's history, right that immigrants have helped to do jobs

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<v Speaker 2>and help field the economy.

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<v Speaker 1>But the majority of this job growth.

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<v Speaker 2>That we're talking about has gone to native born workers.

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<v Speaker 3>We'll talk to me about the other side of this story,

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<v Speaker 3>and that's immigration reform H one B, H two B.

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<v Speaker 3>We spend all day talking about border security in Washington.

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<v Speaker 3>What does our job market need in terms of attracting

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<v Speaker 3>talent from other countries legally?

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<v Speaker 1>I mean, it's such an important question, right.

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<v Speaker 2>This is why since day one, President Biden has called

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<v Speaker 2>for the kinds of comprehensive immigration reform that would address,

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<v Speaker 2>you know, some of the challenges that our system has created.

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<v Speaker 1>Job market look like with that help, what what our

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<v Speaker 1>job market look like with you got that reform? Right?

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<v Speaker 2>Well, so we do administer you know, we have in

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<v Speaker 2>this administration increase the number of H two B workers

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<v Speaker 2>that have come in. We recently did a rule around

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<v Speaker 2>H two A workers making sure that when migrant workers

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<v Speaker 2>come to this country through legal means that they're also

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<v Speaker 2>protected right, that they are protected for their own good

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<v Speaker 2>but also so that they're being here doesn't take away

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<v Speaker 2>from you know, the good wages in those industries. So

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<v Speaker 2>you know, but the bigger picture is that there does

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<v Speaker 2>need to be comprehensive reform. The President has called for that,

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<v Speaker 2>and frankly, Congress needs to do its job.

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<v Speaker 3>There's something that I don't want to get too deep

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<v Speaker 3>in the weeds called the birth death model that our

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<v Speaker 3>analysts set Bloomberg Economics, are looking at that would suggest

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<v Speaker 3>some of the companies that we've seen closing might not

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<v Speaker 3>be reflected yet in the numbers that we saw in

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<v Speaker 3>this monthly survey based on layoff announcements corporate closures. Where

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<v Speaker 3>do we look in the middle of summer when these

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<v Speaker 3>numbers start to emerge.

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<v Speaker 2>Well, you know, we will come out every month to

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<v Speaker 2>report the data that we have. But everything that we

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<v Speaker 2>have seen this past month, this past year, as well

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<v Speaker 2>as you know the last year since President Biden came

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<v Speaker 2>to office, is.

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<v Speaker 1>Historic job growth, more jobs created.

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<v Speaker 2>The same time period than any president in our history,

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<v Speaker 2>and continued low levels of unemployment again historic lows, and

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<v Speaker 2>more opportunity to come right. The investments in the President's

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<v Speaker 2>Investing in America agenda, many of them are still coming out.

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<v Speaker 1>And that's why this summer I'm.

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<v Speaker 2>Going across the country talking about good Job Summer and

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<v Speaker 2>focusing on the importance of what a good job does.

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<v Speaker 3>Good job principles. Summer Tour, You're like Beyonce, You're launching

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<v Speaker 3>a national tour and it's not a mistake. I see

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<v Speaker 3>some of the states are going through, like Pennsylvania and Michigan.

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<v Speaker 3>What is your message to voters in those states?

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<v Speaker 2>Well, my message to working people is that we see you,

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<v Speaker 2>we have your back, We know that you have talent

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<v Speaker 2>and desire, and we want to create the kinds of

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<v Speaker 2>opportunities that will allow working people to have a good

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<v Speaker 2>job where they can be paid a living wage and

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<v Speaker 2>live a secure life. And our message generally is that

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<v Speaker 2>when you build a workforce that is ready, that is trained,

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<v Speaker 2>that is skilled, that pulls the full talent of the

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<v Speaker 2>American people, it's good for employers, it's good for economy.

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<v Speaker 1>And we see that time and time again in these

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<v Speaker 1>jobs numbers.

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<v Speaker 3>Getting back to the household survey, which is important to

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<v Speaker 3>us and our viewers and listeners. The fact that it

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<v Speaker 3>reflects agriculture, the fact that it reflects what's happening in

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<v Speaker 3>people's households. Does that not raise the level of importance

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<v Speaker 3>of the household survey at this point? When we look

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<v Speaker 3>at that against payrolls, they get a sense of not

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<v Speaker 3>even as much where we are now, but where we're going.

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<v Speaker 2>I mean, I think the bigger you know, the answer

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<v Speaker 2>is the payroll survey is the survey that tells us

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<v Speaker 2>how many jobs have been created, what industries they'd be

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<v Speaker 2>created in. And again, this the growth we're talking about

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<v Speaker 2>is not just single industry, right, it has been for

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<v Speaker 2>the entire time, but certainly this last month is no different,

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<v Speaker 2>very very broad based. We saw growth in leisure and hospitality,

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<v Speaker 2>we saw it in construction, we saw it in professional services,

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<v Speaker 2>we saw it in healthcare, and so you know.

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<v Speaker 1>There's really the numbers don't lie.

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<v Speaker 2>It's really you know, broad based, solid continued growth. And

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<v Speaker 2>I think that coveted soft landing that so many people

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<v Speaker 2>bet against.

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<v Speaker 3>Well, I haven't even mentioned that yet. It's my job

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<v Speaker 3>to ask you if we're in the soft landing. I

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<v Speaker 3>haven't heard words like goldilocks this morning. What's your broader

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<v Speaker 3>thirty thousand foot view on that. You're looking at your

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<v Speaker 3>slice of the economy, that's the labor market. Is a

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<v Speaker 3>soft landing intact?

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<v Speaker 1>I think so.

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<v Speaker 2>I mean again, it's the kind of thing where we're

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<v Speaker 2>always vigilant about where the economy is going, but based

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<v Speaker 2>on where we were. Remember in twenty twenty one, right

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<v Speaker 2>the president came into office, COVID was raging, there was

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<v Speaker 2>no national strategy to address it.

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<v Speaker 1>Unemployment was very very high.

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<v Speaker 2>People didn't know if they were gonna get toilet paper

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<v Speaker 2>if they went to the supermarket. And now we have

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<v Speaker 2>historic job growth, low levels of unemployment. I think it

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<v Speaker 2>is the very definition of a soft landing.

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<v Speaker 3>You mentioned COVID. It's not the first time we've brought

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<v Speaker 3>this up as a barometer or maybe a baseline for

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<v Speaker 3>where we are now versus where we were before the pandemic.

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<v Speaker 3>It's still impossible to forecast, isn't it. You see these

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<v Speaker 3>payroll numbers blowing off the charts based on estimates no,

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<v Speaker 3>not just by the government but by Wall Street and

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<v Speaker 3>economists who are a lot smarter than I am. When

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<v Speaker 3>will we be able to get a handle on what

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<v Speaker 3>comes next?

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<v Speaker 2>Well, I mean, I think you know the reality is.

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<v Speaker 2>That's why we don't look at any one month's numbers,

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<v Speaker 2>as you know, over relying on them to tell a story.

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<v Speaker 2>But the story of this economy from January twenty twenty

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<v Speaker 2>one until now is of steady, stable growth, shared prosperity,

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<v Speaker 2>and more investments to come.

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<v Speaker 1>We know that, you know that there's more work to do.

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<v Speaker 1>We're also seeing the lowest.

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<v Speaker 2>Levels of like black white unemployment in a very long time,

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<v Speaker 2>so it's equitable growth too, and that matters a lot.

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<v Speaker 3>What would a second Biden term mean for the job market?

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<v Speaker 2>I think we continue to deliver, right, We continue to

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<v Speaker 2>build a strong economy, We continue to invest in American

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<v Speaker 2>industry in a way.

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<v Speaker 1>That hasn't been done in decades. So building, you.

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<v Speaker 2>Know, restoring roads and bridges, making sure that every family

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<v Speaker 2>who turns on the fossgate clean drinking water, making sure

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<v Speaker 2>that everybody breathes clean air, has access to high speed,

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<v Speaker 2>reliable internet. Those are the kind of infrastructure investments. You know,

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<v Speaker 2>we're you know, we want to build the things that

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<v Speaker 2>we invented, right, So bringing manufacturing back to the United States,

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<v Speaker 2>I think it means, you know, continued opportunity for the

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<v Speaker 2>American people.

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<v Speaker 3>Will you still be in this building if there's a

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<v Speaker 3>second term, Well.

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<v Speaker 2>You know, I don't want to make predictions about that.

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<v Speaker 2>I do serve us the pleasure of the President, but

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<v Speaker 2>it has been an honor to help to deliver on

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<v Speaker 2>that vision.