WEBVTT - Acting Labor Secretary Julie Su Talks Unemployment Rate Dropping

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<v Speaker 1>The US added two hundred and fifty four thousand jobs

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<v Speaker 1>last month. That was beyond all estimates to the upside.

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<v Speaker 1>Let's unpack it now with Acting Labor Secretary Julius Sue Secretary,

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<v Speaker 1>It's great to have you with us. Of course, we

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<v Speaker 1>have a lot of good news to talk about from

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<v Speaker 1>the upside, surprise on payrolls, of course, the unemployment rate dropping,

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<v Speaker 1>and of course that port strike suspension. Let's start with

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<v Speaker 1>the labor market though, because as I mentioned, of course

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<v Speaker 1>beyond all estimates to the upside. And then you take

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<v Speaker 1>a look at some of the details on the demographic level,

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<v Speaker 1>even more good news when it comes to white, black,

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<v Speaker 1>and Hispanic unemployment. Where do you see the greatest source

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<v Speaker 1>of strength. What were some of the factors driving those improvements?

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<v Speaker 2>I think this has.

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<v Speaker 3>Been the story of the economy under the Bidenhairs administration. Frankly,

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<v Speaker 3>many people predicted that we would not be able to

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<v Speaker 3>do this, have this kind of recovery and have incredible

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<v Speaker 3>job growth while keeping the unemployment rate low, while bringing

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<v Speaker 3>down inflation and interest For it's all of those things

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<v Speaker 3>are now happening. We saw growth in this last month

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<v Speaker 3>in healthcare. We saw in restaurants, we saw in local government.

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<v Speaker 3>You know, all of these things translate into quality of life. Right,

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<v Speaker 3>It's not just workers out there doing jobs. It's you know,

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<v Speaker 3>potholes are being fixed, it's you know, increased public safety.

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<v Speaker 2>It's people getting back to normal. Right.

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<v Speaker 3>Remember four years ago this time, a lot of restaurants

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<v Speaker 3>were closed. Now it's the industry with you know, with

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<v Speaker 3>incredible growth.

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<v Speaker 2>In the September report, it was back to school four

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<v Speaker 2>years ago, back to zoom.

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<v Speaker 3>Because we were in the middle of a global pandemic

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<v Speaker 3>and there was no national strategy to get it under control.

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<v Speaker 3>You know, four years ago kids were being told no

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<v Speaker 3>trick or treating for Halloween.

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<v Speaker 2>We're in a very.

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<v Speaker 3>Different place right now, and that is in no small

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<v Speaker 3>part because of strong leadership and economic policies that have

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<v Speaker 3>helped to fuel an unprecedented economic recovery.

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<v Speaker 1>And Secretary as you know, well, very strong report overall.

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<v Speaker 1>If you were looking for some weakness, would find it

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<v Speaker 1>in the manufacturing sector. Of course, shetting another seven thousand jobs.

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<v Speaker 1>That was slightly better than estimate, but a contraction there, nonetheless,

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<v Speaker 1>and the downward revisions there were actually lower. So what

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<v Speaker 1>is the administration doing to address what's going on in

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<v Speaker 1>the manufacturing sector.

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<v Speaker 3>So here's the story of manufacturing. You know, President Biden

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<v Speaker 3>and Vice President Harris have been saying since day one,

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<v Speaker 3>we believe we can make things in America again. We

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<v Speaker 3>can open up factories that were shuttered in the last administration.

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<v Speaker 3>I visited some of those, you know, factories where people

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<v Speaker 3>had to leave their community, leave their families to go

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<v Speaker 3>find jobs elsewhere that are being opened up again. But

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<v Speaker 3>it also takes some time to reverse the you know,

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<v Speaker 3>really decades of disinvestment in our manufacturing industries. Now we're

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<v Speaker 3>making historic investments now and that's really showing up in

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<v Speaker 3>the construction sector.

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<v Speaker 2>And you've got to build.

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<v Speaker 3>The manufacturing facilities before you can hire people into them.

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<v Speaker 2>And so this is you know, even this.

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<v Speaker 3>Job's report, as great as it is, is not a

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<v Speaker 3>declaration of victory. It's a declaration of progress. We are

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<v Speaker 3>making significant progress, and we need to keep up that trend.

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<v Speaker 3>We need to keep up that work. Manufacturing jobs have grown,

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<v Speaker 3>but they're going to grow more as we keep investing

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<v Speaker 3>in America.

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<v Speaker 1>Well, let's talk, of course about the other piece of

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<v Speaker 1>good news this morning, and that is that the three

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<v Speaker 1>days strike at East Coast and Gulf Coast Ports has

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<v Speaker 1>ended the contract extended through January fifteenth. I know that

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<v Speaker 1>you were heavily involved in the negotiations, The New York

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<v Speaker 1>Times reporting that you were in New Jersey yesterday, of course,

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<v Speaker 1>meeting with the unions. Talk to us about how it

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<v Speaker 1>happened in the end. What did you do, What did

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<v Speaker 1>Secretary Buddha Judge do, and what did Joe Biden do.

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<v Speaker 3>Look, this is another example of many in this administration,

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<v Speaker 3>of just how powerful and effective collective bargaining is when

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<v Speaker 3>workers have a voice of the table, when they have

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<v Speaker 3>a union on the job, when they can come to

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<v Speaker 3>the table, sit down with their employers and talk about

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<v Speaker 3>what's good for them, what's good for their company, better

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<v Speaker 3>for the economy, it's better for the nation. We've seen

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<v Speaker 3>that from auto workers to airline flight attendants, from hospitality

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<v Speaker 3>to healthcare, and now at the.

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<v Speaker 2>Docks as well.

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<v Speaker 3>And this was a situation where longshore men, who do

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<v Speaker 3>difficult and often dangerous jobs, work through the pandemic, strap

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<v Speaker 3>the country on their backs and have helped to fuel

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<v Speaker 3>record profits. You know, shipping carriers have made tens of

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<v Speaker 3>billions of dollars in profits.

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<v Speaker 2>Over the last few years.

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<v Speaker 3>Again, that's partly because the economy as a whole is strong.

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<v Speaker 3>So when the economy is strong, everybody benefits. And this

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<v Speaker 3>is an example of how when workers have a voice,

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<v Speaker 3>when collective bargaining happens, workers can get their fair share.

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<v Speaker 3>And at the end of the day, you know, when

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<v Speaker 3>I was in New Jersey when this was about to

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<v Speaker 3>be about to happen, the longshore men were saying, let's

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<v Speaker 3>get back to work right away.

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<v Speaker 2>They were ready to go back last night.

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<v Speaker 3>That's because working people understand how important they are. They

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<v Speaker 3>understand their contributions, and they are showing up every day

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<v Speaker 3>to make them and we are really happy to see

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<v Speaker 3>them getting their share.

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<v Speaker 1>Well, Secretary, it's a victory, but it's a partial victory

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<v Speaker 1>because we're talking about an extension until January fifteenth.

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<v Speaker 2>So what is.

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<v Speaker 1>Still yet to be resolved here between now and January fifteenth.

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<v Speaker 2>Yeah, it's such an important point, right.

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<v Speaker 3>Collective bargaining is a process, and you heard the President

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<v Speaker 3>say this.

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<v Speaker 2>I'm grateful to be in a.

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<v Speaker 3>Cabinet of other people who are fully committed to the

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<v Speaker 3>idea that you know, we have to trust the parties

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<v Speaker 3>and now that they're coming back to the table, they're

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<v Speaker 3>going to deal with all of the other issues that

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<v Speaker 3>are on the table, and I have great faith that

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<v Speaker 3>they're going to get to a fair contract and be

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<v Speaker 3>able to move forward together to the important work of

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<v Speaker 3>our supply chains and helping to you know, continue to

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<v Speaker 3>make sure with the strongest economy in the world.

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<v Speaker 2>So you have great faith here.

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<v Speaker 1>But I mean, is it possible that we're going to

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<v Speaker 1>see this fall through in January, that we're going to

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<v Speaker 1>see a return to the picket lines when you think

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<v Speaker 1>about some of those issues that are still yet to

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<v Speaker 1>be resolved.

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<v Speaker 3>Well, the vast majority of contracts when they're being negotiated

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<v Speaker 3>and in a contract, I've been all across the country,

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<v Speaker 3>you know, both celebrating those outcomes and you know, urging

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<v Speaker 3>the parties to stay at the table. So the ones

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<v Speaker 3>that we hear about are ones that become you know,

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<v Speaker 3>more contentious.

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<v Speaker 2>Now.

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<v Speaker 3>A lot of times that is because workers for a

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<v Speaker 3>long time have been falling behind. You know, there have

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<v Speaker 3>been you know, the economy in the last administration was

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<v Speaker 3>not as strong as it is now. The contract for

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<v Speaker 3>these longshoremen was negotiated in the last in the last administration. Today,

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<v Speaker 3>the economy as demonstrated by the jobs report, is stronger,

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<v Speaker 3>it's different, and so we believe. You know, now the

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<v Speaker 3>parties have resolved one of their big issues. The best

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<v Speaker 3>way to get this done is for them to sit

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<v Speaker 3>down together, and that's exactly what they're going to.

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<v Speaker 2>Do, all right.

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<v Speaker 1>We really appreciate your time as always, of course, know

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<v Speaker 1>it's a busy morning for you. That is Acting Labor

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<v Speaker 1>Secretary Jillie Sue