WEBVTT - Acting Labor Secretary Julie Su Talks Jobs Report

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>Joining US is Acting US Labor Secretary Julie Sue, Acting

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<v Speaker 2>Labor Sector Serry Sue, thank you so much for your

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<v Speaker 2>time this morning. We've heard from the reports the Fed

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<v Speaker 2>would seem to be happy with this kind of jobs report.

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<v Speaker 2>The market is certainly happy. It's this goldilocks potentially softening

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<v Speaker 2>to have a landing of this economy to a soft landing.

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<v Speaker 2>What we're seeing right now with this softer report and

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<v Speaker 2>the market's certainly taking it and shried. Is that the

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<v Speaker 2>consensus as well in the read from the Biden administration, Yes,

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<v Speaker 2>that's exactly right.

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<v Speaker 1>This is another strong job report, and these numbers just

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<v Speaker 1>keep showing us month after month that President Biden's economic

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<v Speaker 1>strategy is working. It's everything you said. It continues to

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<v Speaker 1>be strong, stable growth, sustainable growth as well. The unemployment

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<v Speaker 1>rate is still under four percent, that's the twenty seven

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<v Speaker 1>month straight that that is the case. And the prime

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<v Speaker 1>aged labor force participation rate remained strong. It ticked up

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<v Speaker 1>a little bit, and for women it's the highest it

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<v Speaker 1>has been since this number has been recorded, which was

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<v Speaker 1>begun in nineteen forty eight. So this is a strong

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<v Speaker 1>jobs report that continues to be indicative of a very

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<v Speaker 1>strong economy.

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<v Speaker 2>Well, this is what we heard from Chair Powell earlier

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<v Speaker 2>this week. Quote strong job creation over the past year

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<v Speaker 2>has been accompanied by an increase in the supply of workers,

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<v Speaker 2>reflecting increases in participation among individuals age twenty five to

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<v Speaker 2>fifty four years and the continued strong pace of immigration.

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<v Speaker 2>How much do you see immigration playing into the supply

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<v Speaker 2>side of this labor market.

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<v Speaker 1>It's all part of the story. You know, immigrant workers

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<v Speaker 1>have throughout our nation's history helped to power our economic strength.

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<v Speaker 1>At the same time, what these numbers show is that

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<v Speaker 1>the jobs for native born workers remains very, very strong

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<v Speaker 1>as well. So when you have such the stained job growth,

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<v Speaker 1>there is really you know, it's beneficial for everybody.

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<v Speaker 2>Well, we do have a lot of immigration. The CBO,

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<v Speaker 2>of course, looks at twenty twenty three when they thought

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<v Speaker 2>maybe it was going to be a million immigration actually

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<v Speaker 2>at three point three million. But how do you match

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<v Speaker 2>that supply to demand, especially if these are a lot

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<v Speaker 2>of undocumented workers, how do we match the supply of

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<v Speaker 2>potentially are they going to the right jobs and the

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<v Speaker 2>demand the US labor market actually needs.

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<v Speaker 1>I mean, this is something that the Department of Labor

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<v Speaker 1>is laser focused on every day is making sure that

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<v Speaker 1>we are connecting people to the good jobs that they

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<v Speaker 1>want and need, especially in this moment of such historic

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<v Speaker 1>job growth. Not happening just by accident. It's happening because

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<v Speaker 1>of the resilience of the American people, because of the

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<v Speaker 1>small business boom that we're seeing, because of working people.

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<v Speaker 1>You know, the President says all the time, it's the

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<v Speaker 1>middle class that built America. Unions built the middle class

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<v Speaker 1>because of strong growth for unions. And it's also happening

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<v Speaker 1>because we are seeing people coming into the late market.

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<v Speaker 1>And so this is a moment where we have to

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<v Speaker 1>be able to connect people to those jobs and employers

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<v Speaker 1>to the people that they need. And that's why our

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<v Speaker 1>workforce development system is so important, and why when I

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<v Speaker 1>travel the country and I see training programs that are

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<v Speaker 1>bursting at the seams, it's another indication that this economy

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<v Speaker 1>is moving in the right direction and that Bidenomics is

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<v Speaker 1>having a positive effect in communities all across America.

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<v Speaker 2>The survey response rate, though for this report, was fifty

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<v Speaker 2>four point nine percent, the lowest Julie since two thousand

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<v Speaker 2>and two. How accurate. Then are these numbers.

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<v Speaker 1>Well, the Buer of Labor Statistics remains the gold standard

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<v Speaker 1>for reporting on unemployment, on job growth on different industries.

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<v Speaker 1>It is the largest body of data that exists. And

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<v Speaker 1>let me just say, you know, the numbers tell part

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<v Speaker 1>of the story. I mean, the numbers remain reliable. They

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<v Speaker 1>remain what is relied upon for to evaluate our policies

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<v Speaker 1>and also to look at what new pops we should

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<v Speaker 1>be pursuing. But the numbers are part of the story.

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<v Speaker 1>The other is that the President promised that he would

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<v Speaker 1>build an economy from the bottom up, in the middle

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<v Speaker 1>out and in the last under his leadership, we have

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<v Speaker 1>restored the forty hour work week for millions of Americans.

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<v Speaker 1>We are making sure that retirement security is something that

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<v Speaker 1>all you know, American people can enjoy. We are looking

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<v Speaker 1>out for workers who've been left behind in the past.

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<v Speaker 1>I've been in Uniontown, Pennsylvania talking to mine workers who've

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<v Speaker 1>had to be exposed to silica dust. I've met with

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<v Speaker 1>farm workers in California who put food on our tables,

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<v Speaker 1>but I have to die in vehicles that are cramped

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<v Speaker 1>without seat belts. We are also addressing those issues, and

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<v Speaker 1>so the overall numbers again are part of us story

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<v Speaker 1>in which President Biden is delivering on his promise to

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<v Speaker 1>build a strong economy in which everybody can see, can

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<v Speaker 1>play a part in it, and see themselves having a

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<v Speaker 1>secure future.

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<v Speaker 2>But back to this survey, that would put the standard

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<v Speaker 2>eerraror at one hundred and thirty thousand, so it could

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<v Speaker 2>be three one hundred and five thousand, or forty five thousand,

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<v Speaker 2>anywhere in that range is statistically accurate. How concerning is

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<v Speaker 2>that given this data is highly important not just to

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<v Speaker 2>the FED but also to the President.

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<v Speaker 1>No, that's right. I mean we of course we believe

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<v Speaker 1>the numbers are reliable. We continue to work on a

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<v Speaker 1>survey response. You know, the people sometimes think, well, you know,

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<v Speaker 1>the numbers get adjusted each month. What is that about.

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<v Speaker 1>That's also very much part of what we what we do.

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<v Speaker 1>It's what you know, it's it's it's part and parcel

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<v Speaker 1>of the of making the numbers as accurate as possible.

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<v Speaker 1>So sometimes numbers come in later, and that's why we

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<v Speaker 1>make adjustments. And again, you know, this is this is

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<v Speaker 1>the gold standard for a reason, and we do want

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<v Speaker 1>to continue to increase the response rate that we get.

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<v Speaker 2>I just want to enter in the fact that wayne gains,

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<v Speaker 2>wage gains are less than what was expected. And when

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<v Speaker 2>we continuously poll the American electorate, they're not worried about

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<v Speaker 2>jobs so much in the sense that they're actually worried

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<v Speaker 2>about inflation. If the wages are not keeping up with inflation,

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<v Speaker 2>how concerning is that to you.

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<v Speaker 1>So wage gains continue to outpace inflation, that means that

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<v Speaker 1>there's more money in workers pockets. This is obviously as

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<v Speaker 1>you you know, you say, this is a sign of

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<v Speaker 1>how good people feel, and a good job changes lives,

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<v Speaker 1>and a good jobs with wages that are enough to

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<v Speaker 1>sustain a family are really important. And we continue to

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<v Speaker 1>combat inflation and high prices. That's why the present is

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<v Speaker 1>so focused on combating junk fees, on on you know,

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<v Speaker 1>making sure that prescription drugs are affordable. And so there's

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<v Speaker 1>a there's it's a it's a whole holistic approach to

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<v Speaker 1>investing in the American people. And we are on the

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<v Speaker 1>right track and will continue with the work.

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<v Speaker 2>Julie Sue, thank you so much for your time this morning,

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<v Speaker 2>Acting US Labor Secretary. Of course, Julie Sue