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Joining US is Acting US Labor Secretary Julie Sue, Acting Labor Sector Serry Sue, thank you so much for your time this morning. We've heard from the reports the Fed would seem to be happy with this kind of jobs report. The market is certainly happy. It's this goldilocks potentially softening to have a landing of this economy to a soft landing. What we're seeing right now with this softer report and
the market's certainly taking it and shried. Is that the consensus as well in the read from the Biden administration, Yes, that's exactly right.
This is another strong job report, and these numbers just keep showing us month after month that President Biden's economic strategy is working. It's everything you said. It continues to be strong, stable growth, sustainable growth as well. The unemployment rate is still under four percent, that's the twenty seven month straight that that is the case. And the prime
aged labor force participation rate remained strong. It ticked up a little bit, and for women it's the highest it has been since this number has been recorded, which was begun in nineteen forty eight. So this is a strong jobs report that continues to be indicative of a very strong economy.
Well, this is what we heard from Chair Powell earlier this week. Quote strong job creation over the past year has been accompanied by an increase in the supply of workers, reflecting increases in participation among individuals age twenty five to fifty four years and the continued strong pace of immigration. How much do you see immigration playing into the supply side of this labor market.
It's all part of the story. You know, immigrant workers have throughout our nation's history helped to power our economic strength. At the same time, what these numbers show is that the jobs for native born workers remains very, very strong as well. So when you have such the stained job growth, there is really you know, it's beneficial for everybody.
Well, we do have a lot of immigration. The CBO, of course, looks at twenty twenty three when they thought maybe it was going to be a million immigration actually at three point three million. But how do you match that supply to demand, especially if these are a lot of undocumented workers, how do we match the supply of potentially are they going to the right jobs and the demand the US labor market actually needs.
I mean, this is something that the Department of Labor is laser focused on every day is making sure that we are connecting people to the good jobs that they want and need, especially in this moment of such historic job growth. Not happening just by accident. It's happening because of the resilience of the American people, because of the small business boom that we're seeing, because of working people. You know, the President says all the time, it's the
middle class that built America. Unions built the middle class because of strong growth for unions. And it's also happening because we are seeing people coming into the late market. And so this is a moment where we have to be able to connect people to those jobs and employers
to the people that they need. And that's why our workforce development system is so important, and why when I travel the country and I see training programs that are bursting at the seams, it's another indication that this economy is moving in the right direction and that Bidenomics is having a positive effect in communities all across America.
The survey response rate, though for this report, was fifty four point nine percent, the lowest Julie since two thousand and two. How accurate. Then are these numbers.
Well, the Buer of Labor Statistics remains the gold standard for reporting on unemployment, on job growth on different industries. It is the largest body of data that exists. And let me just say, you know, the numbers tell part of the story. I mean, the numbers remain reliable. They remain what is relied upon for to evaluate our policies and also to look at what new pops we should be pursuing. But the numbers are part of the story.
The other is that the President promised that he would build an economy from the bottom up, in the middle out and in the last under his leadership, we have restored the forty hour work week for millions of Americans. We are making sure that retirement security is something that all you know, American people can enjoy. We are looking out for workers who've been left behind in the past. I've been in Uniontown, Pennsylvania talking to mine workers who've
had to be exposed to silica dust. I've met with farm workers in California who put food on our tables, but I have to die in vehicles that are cramped without seat belts. We are also addressing those issues, and so the overall numbers again are part of us story in which President Biden is delivering on his promise to build a strong economy in which everybody can see, can play a part in it, and see themselves having a secure future.
But back to this survey, that would put the standard eerraror at one hundred and thirty thousand, so it could be three one hundred and five thousand, or forty five thousand, anywhere in that range is statistically accurate. How concerning is that given this data is highly important not just to the FED but also to the President.
No, that's right. I mean we of course we believe the numbers are reliable. We continue to work on a survey response. You know, the people sometimes think, well, you know, the numbers get adjusted each month. What is that about. That's also very much part of what we what we do. It's what you know, it's it's it's part and parcel of the of making the numbers as accurate as possible. So sometimes numbers come in later, and that's why we
make adjustments. And again, you know, this is this is the gold standard for a reason, and we do want to continue to increase the response rate that we get.
I just want to enter in the fact that wayne gains, wage gains are less than what was expected. And when we continuously poll the American electorate, they're not worried about jobs so much in the sense that they're actually worried about inflation. If the wages are not keeping up with inflation, how concerning is that to you.
So wage gains continue to outpace inflation, that means that there's more money in workers pockets. This is obviously as you you know, you say, this is a sign of how good people feel, and a good job changes lives, and a good jobs with wages that are enough to sustain a family are really important. And we continue to combat inflation and high prices. That's why the present is so focused on combating junk fees, on on you know,
making sure that prescription drugs are affordable. And so there's a there's it's a it's a whole holistic approach to investing in the American people. And we are on the right track and will continue with the work.
Julie Sue, thank you so much for your time this morning, Acting US Labor Secretary. Of course, Julie Sue