1 00:00:00,120 --> 00:00:03,159 Speaker 1: Let's continue the discussion now because joining us is Acting 2 00:00:03,320 --> 00:00:06,440 Speaker 1: Labor Secretary, Julie Sue joining from Washington. 3 00:00:06,559 --> 00:00:07,080 Speaker 2: Secretary. 4 00:00:07,360 --> 00:00:10,239 Speaker 1: Great to speak with you again today. I want to 5 00:00:10,280 --> 00:00:12,480 Speaker 1: talk about the response rate. We were just having that 6 00:00:12,560 --> 00:00:16,280 Speaker 1: conversation with Mike McKee. So just how low was the 7 00:00:16,320 --> 00:00:19,640 Speaker 1: response rate, of course, in the wake of Hurricanes Helene 8 00:00:19,720 --> 00:00:21,320 Speaker 1: and Milton, and what would you. 9 00:00:21,320 --> 00:00:22,680 Speaker 2: Expect it to pick back up? 10 00:00:24,400 --> 00:00:29,560 Speaker 3: Yeah, So the overall picture of this economy remains one strong, steady, 11 00:00:29,640 --> 00:00:34,640 Speaker 3: stable growth. We have seen positive job growth every single 12 00:00:34,680 --> 00:00:37,839 Speaker 3: month under this administration. And as you noted, there were 13 00:00:37,880 --> 00:00:41,000 Speaker 3: a couple of big factors that make this last. 14 00:00:40,760 --> 00:00:41,600 Speaker 2: Month and anomaly. 15 00:00:42,000 --> 00:00:47,879 Speaker 3: There were the devastating hurricanes, which meant that there were 16 00:00:48,440 --> 00:00:51,360 Speaker 3: jobs that people, you know, businesses that were closed. 17 00:00:52,120 --> 00:00:53,800 Speaker 2: You know, we saw this because the. 18 00:00:53,760 --> 00:00:57,120 Speaker 3: Federal government was on the ground working with state and 19 00:00:57,160 --> 00:01:01,680 Speaker 3: local officials to do everything from the search and rescue 20 00:01:01,840 --> 00:01:04,560 Speaker 3: to reopening roads, to making sure people had access to 21 00:01:04,640 --> 00:01:08,440 Speaker 3: water and to power, and so those same businesses that 22 00:01:08,600 --> 00:01:11,760 Speaker 3: might have ramped up in the last month on hiring, 23 00:01:12,040 --> 00:01:15,640 Speaker 3: we're not doing so. At the same time, the other 24 00:01:15,720 --> 00:01:20,240 Speaker 3: big indicators are still really stable. Unemployment rate remains at 25 00:01:20,280 --> 00:01:23,280 Speaker 3: four point one percent. We've said this again and again 26 00:01:23,360 --> 00:01:25,800 Speaker 3: that most predictors were that that number could not go 27 00:01:25,920 --> 00:01:29,840 Speaker 3: down to that for many, many years after the pandemic, 28 00:01:29,959 --> 00:01:33,200 Speaker 3: and it's been steadily at near or below four percent 29 00:01:33,480 --> 00:01:38,040 Speaker 3: for for a very long time. GDP growth is up 30 00:01:38,080 --> 00:01:42,360 Speaker 3: to wages continued to be up. Wages have outpaced inflation 31 00:01:42,560 --> 00:01:43,880 Speaker 3: for seventeen months straight. 32 00:01:44,280 --> 00:01:46,880 Speaker 2: And so there are a couple factors. 33 00:01:46,720 --> 00:01:49,960 Speaker 3: That you know that you know certainly you know we 34 00:01:50,600 --> 00:01:54,320 Speaker 3: expected that they would affect the numbers for last month's report. 35 00:01:54,400 --> 00:01:55,720 Speaker 2: Well, Secretary, if we look at. 36 00:01:55,600 --> 00:01:58,640 Speaker 1: What wasn't as impacted by some of these effects that 37 00:01:58,680 --> 00:02:00,320 Speaker 1: we're talking about on the weather, I mean, we still 38 00:02:00,320 --> 00:02:04,840 Speaker 1: had big downward revisions to this September and August payrolls report. Obviously, 39 00:02:04,880 --> 00:02:07,160 Speaker 1: this is going to be a bit of a noisy report. 40 00:02:07,200 --> 00:02:09,120 Speaker 1: And looking ahead, I mean you'd take a look to 41 00:02:09,560 --> 00:02:13,600 Speaker 1: October or what we're going to get the next time around. 42 00:02:13,960 --> 00:02:16,720 Speaker 1: How big would we expect those revisions to be. 43 00:02:18,480 --> 00:02:21,639 Speaker 3: Yeah, again, you know, there were anomalous situations that affected 44 00:02:21,680 --> 00:02:25,160 Speaker 3: this report. But even with those revisions in the prior 45 00:02:25,280 --> 00:02:28,440 Speaker 3: couple months, the three month average and we often look 46 00:02:28,480 --> 00:02:30,520 Speaker 3: at averages because we don't want to make too much 47 00:02:30,560 --> 00:02:31,360 Speaker 3: of any one month. 48 00:02:31,400 --> 00:02:33,040 Speaker 2: As you said, some of them can be noisy. 49 00:02:33,320 --> 00:02:35,519 Speaker 3: The three month average for the prior three months is 50 00:02:35,560 --> 00:02:39,600 Speaker 3: still a one hundred and forty eight thousand jobs grown. 51 00:02:39,320 --> 00:02:40,120 Speaker 2: In the economy. 52 00:02:40,480 --> 00:02:44,200 Speaker 3: And again, you know, if you look at overall indicators, 53 00:02:44,200 --> 00:02:46,680 Speaker 3: I mean, people have been predicting a downturn for a 54 00:02:46,760 --> 00:02:50,480 Speaker 3: long time this economy, and it just has not. That's 55 00:02:50,480 --> 00:02:53,600 Speaker 3: not what's happened. And that doesn't happen by accident. You know, 56 00:02:53,639 --> 00:03:00,480 Speaker 3: it happens because of steady leadership. And again, the vestments 57 00:03:00,480 --> 00:03:04,280 Speaker 3: that we've made in America in manufacturing and construction and 58 00:03:04,280 --> 00:03:06,040 Speaker 3: clean energy are having an. 59 00:03:05,919 --> 00:03:07,079 Speaker 2: Effect, and that is one. 60 00:03:06,919 --> 00:03:09,800 Speaker 3: Of the key reasons for the strength of the economy 61 00:03:09,880 --> 00:03:13,720 Speaker 3: that we've had. Those investments will continue and they are, 62 00:03:13,960 --> 00:03:15,840 Speaker 3: you know, that's part of the impact that we've seen 63 00:03:16,160 --> 00:03:18,560 Speaker 3: over the last really three and a half years. 64 00:03:19,560 --> 00:03:22,480 Speaker 4: The administration has guided that this would be a noisy 65 00:03:22,560 --> 00:03:26,160 Speaker 4: report already, and of course this morning was indeed quite noisy. 66 00:03:26,320 --> 00:03:28,440 Speaker 4: I want to go to the unemployment rate because one 67 00:03:28,480 --> 00:03:31,200 Speaker 4: reason it did hold steady was the decrease in the 68 00:03:31,280 --> 00:03:34,840 Speaker 4: labor force participation. If we can hone in there, how 69 00:03:34,840 --> 00:03:40,360 Speaker 4: would you characterize the impact of the hurricanes in participation, right. 70 00:03:40,440 --> 00:03:43,120 Speaker 3: I mean, it's, as you noted earlier, we don't have 71 00:03:43,480 --> 00:03:46,720 Speaker 3: granular data about that, but I think it's you know, 72 00:03:46,760 --> 00:03:51,400 Speaker 3: it's a rational conclusion that the impacts of the hurricanes 73 00:03:51,440 --> 00:03:54,280 Speaker 3: were devastating. I mean, they were devastating to human life. 74 00:03:54,280 --> 00:03:57,280 Speaker 3: They were devastating to those communities in the southeast, but 75 00:03:57,360 --> 00:04:00,440 Speaker 3: they also are showing up in the jobs report said 76 00:04:00,440 --> 00:04:05,120 Speaker 3: that the overall labor force participation rate also remains, you know, steady, 77 00:04:05,160 --> 00:04:07,840 Speaker 3: it's a it's at historic highs. So when we talk 78 00:04:07,880 --> 00:04:10,080 Speaker 3: about the economy, we have to look at trends, and 79 00:04:10,160 --> 00:04:14,680 Speaker 3: the trends overall on all major indicators, h you know, 80 00:04:14,760 --> 00:04:17,240 Speaker 3: continue to signal an economy that's very strong. 81 00:04:17,360 --> 00:04:19,200 Speaker 2: And there is nobody who's. 82 00:04:20,480 --> 00:04:23,880 Speaker 3: You know, reassessing the overall healthy economy based on based 83 00:04:23,920 --> 00:04:27,240 Speaker 3: on these numbers, which are really affected by by a 84 00:04:27,240 --> 00:04:28,760 Speaker 3: couple of things that happened last month. 85 00:04:28,839 --> 00:04:30,800 Speaker 4: I'd also love for you to go into the impact 86 00:04:30,839 --> 00:04:33,280 Speaker 4: of the strikes as well. Obviously the Boeing strike as 87 00:04:33,279 --> 00:04:37,240 Speaker 4: well as others, have impacted that manufacturing number, but the 88 00:04:37,360 --> 00:04:42,080 Speaker 4: Boeings latest union endorsed the latest offer. Do you expect 89 00:04:42,120 --> 00:04:44,839 Speaker 4: there to be enough votes to approve the current deal 90 00:04:44,960 --> 00:04:48,960 Speaker 4: and ultimately end the strike, and on what timeline. 91 00:04:50,080 --> 00:04:50,240 Speaker 2: Right. 92 00:04:50,320 --> 00:04:53,200 Speaker 3: So, I've said a lot of times collective bargaining works, 93 00:04:53,400 --> 00:04:55,880 Speaker 3: and there is no better example of that than when 94 00:04:56,200 --> 00:05:01,360 Speaker 3: workers at the bargaining table get a an unprecedented offer 95 00:05:01,760 --> 00:05:05,160 Speaker 3: and where the demands that they've had, you know, they 96 00:05:05,160 --> 00:05:07,120 Speaker 3: get a chance to sit down at the table and 97 00:05:08,040 --> 00:05:10,080 Speaker 3: help to shape the future of their jobs and the 98 00:05:10,160 --> 00:05:12,120 Speaker 3: future of their employer and the future of their industry. 99 00:05:12,680 --> 00:05:15,160 Speaker 3: It is true that the tens of thousands of workers 100 00:05:15,200 --> 00:05:18,640 Speaker 3: being on strike are also one reason for the jobs 101 00:05:18,680 --> 00:05:20,719 Speaker 3: numbers that we see this month. 102 00:05:20,839 --> 00:05:25,200 Speaker 2: And you know, the workers will decide. You know, they 103 00:05:25,720 --> 00:05:28,080 Speaker 2: have been demanding. 104 00:05:28,400 --> 00:05:31,840 Speaker 3: Makeup in wages and other working conditions for what's been 105 00:05:31,920 --> 00:05:36,120 Speaker 3: over a decade of not having them, and so they 106 00:05:36,160 --> 00:05:37,440 Speaker 3: now have an offer before them. 107 00:05:37,600 --> 00:05:39,200 Speaker 2: And it was a. 108 00:05:38,680 --> 00:05:41,440 Speaker 3: Privilege to help bring the parties together to help move 109 00:05:41,440 --> 00:05:46,480 Speaker 3: those talks along. And they'll vote. They'll vote on Monday. 110 00:05:46,880 --> 00:05:50,160 Speaker 1: And of course, Labor Secretary, you've of course been involved 111 00:05:50,160 --> 00:05:53,279 Speaker 1: in ending other strikes, You're involved in these negotiations as well. 112 00:05:53,279 --> 00:05:56,160 Speaker 1: We're counting down to that vote. What is still at 113 00:05:56,400 --> 00:05:58,800 Speaker 1: issue here, because of course we've had a lot of 114 00:05:58,800 --> 00:06:00,480 Speaker 1: conversations about wages increases. 115 00:06:00,520 --> 00:06:01,640 Speaker 2: We know that there's been. 116 00:06:01,560 --> 00:06:03,640 Speaker 1: A lot of daylight between these two sides when it 117 00:06:03,640 --> 00:06:06,719 Speaker 1: comes to the issues of pensions, for example, what is 118 00:06:06,800 --> 00:06:08,880 Speaker 1: still left to be resolved right now? 119 00:06:10,400 --> 00:06:16,080 Speaker 3: I mean, you know, these issues of retirement, security of benefits, 120 00:06:16,120 --> 00:06:17,880 Speaker 3: you know, making sure that workers can go to the 121 00:06:17,920 --> 00:06:21,000 Speaker 3: doctor without breaking the bank. All of these things are 122 00:06:21,040 --> 00:06:25,720 Speaker 3: fundamental to a good job, and in unions workers usually 123 00:06:25,760 --> 00:06:28,240 Speaker 3: have those things. They're not something that every worker gets 124 00:06:28,240 --> 00:06:31,480 Speaker 3: to enjoy. And so at the bargaining table all these 125 00:06:31,520 --> 00:06:33,960 Speaker 3: issues come up again. These parties have not bargained for 126 00:06:34,040 --> 00:06:37,400 Speaker 3: over a decade, and now that they've been able to 127 00:06:37,440 --> 00:06:39,719 Speaker 3: do that, the workers have been able to surface issues 128 00:06:39,760 --> 00:06:40,040 Speaker 3: that have. 129 00:06:40,040 --> 00:06:43,000 Speaker 2: Been, you know, on their minds for a very long time. 130 00:06:43,200 --> 00:06:49,159 Speaker 3: And they now have an offer that addresses the issues 131 00:06:49,279 --> 00:06:52,120 Speaker 3: that they brought to the table. And I really need 132 00:06:52,160 --> 00:06:55,320 Speaker 3: to give credit to both parties for coming to the table, 133 00:06:55,440 --> 00:06:56,520 Speaker 3: for doing the hard work. 134 00:06:56,640 --> 00:07:00,159 Speaker 2: These things are never easy. They often take all night. 135 00:07:00,200 --> 00:07:02,960 Speaker 3: I've been at the table all night, so you know, 136 00:07:03,000 --> 00:07:05,000 Speaker 3: this is the process of collective bargaining. It doesn't always 137 00:07:05,000 --> 00:07:06,800 Speaker 3: look pretty from the outside, but we have seen the 138 00:07:06,880 --> 00:07:10,800 Speaker 3: results time and time again, from auto workers to actors, 139 00:07:11,200 --> 00:07:14,040 Speaker 3: you know, all across the industry where workers are seeing 140 00:07:14,040 --> 00:07:15,920 Speaker 3: really historic gains, and that is a part of the 141 00:07:15,960 --> 00:07:17,600 Speaker 3: picture of the overall economy. 142 00:07:17,640 --> 00:07:17,800 Speaker 2: You know. 143 00:07:17,840 --> 00:07:20,840 Speaker 3: President Biden and Vice President Harris have said from day one, 144 00:07:20,920 --> 00:07:22,880 Speaker 3: we can't build the economy that we want if we 145 00:07:22,920 --> 00:07:25,600 Speaker 3: don't do right by working people. And the fact that 146 00:07:25,800 --> 00:07:30,600 Speaker 3: wages continue to be up and wages exceed inflation are 147 00:07:30,640 --> 00:07:32,920 Speaker 3: signs of that working families have more money. 148 00:07:32,640 --> 00:07:34,640 Speaker 2: In their pockets and that's a good thing 149 00:07:36,320 --> 00:07:38,720 Speaker 4: Our thanks to Acting Labor Secretary Julie Sue, we do 150 00:07:38,800 --> 00:07:39,520 Speaker 4: have to leave it there.