Let's turn back to this morning's jobs data. Jobs growth accelerated in September, showing signs of a stabilizing labor market before the government shutdown. Joining us to discuss we are pleased to say, is the US Labor Secretary Lori Chavez Dreamer. Miss Secretary, thank you so much for your time this morning. Let me first ask you about the headline numbers. It was a blowout. We were only expecting fifty one thousand in our survey, and far more than double that is
what we got. How strong is this economy?
Well, one hundred and nineteen thousand new jobs. I think that is a solid report for the American people and for the workforce. We have seen over and over again that we want to have these gains, and it's those investments by this administration and this president. I think this is what you're seeing come online. So this was a solid report for the September numbers. We'll have to see how November numbers come out in mid December, but I
think that this is good for the American people. We know that more people are wanting to work and they're actively seeking those jobs, and so it is my responsibility to make sure that we have that skilled workforce, and so I think that you're going to see consumer confidence. And again with prices coming down energy prices, gas prices,
we're seeing real wages go up. Blue collar wages have gone up over the last sixty years, and I think that that's the exciting part of this is that we're seeing people who are wanting to get on the ground, have the skills that they need and get in the workforce.
Secretary Sharvis Drimer, you might sound very similar to those who don't want this FED to cut that this is a healthy labor market. The President, though even jokingly yesterday, was saying Scott Bessen would be fired had he not been able to get this FED to cut. So in your view of this labor market, is it strong enough that it doesn't need assistance from the Fed?
Well, I think the President has been pretty clear on this issue. We did see the two rate cuts. I think the FED does need to go ahead and cut again. You know, when I travel around the country talking to businesses, which I have hit thirty six out of fifty states on my fifty state tour before you know, the Democratics shut down happened, those business owners are wanting to borrow more money at a cheaper rate to invest in their workforce.
That is what they're asking, and so I think another rate cut is exactly what we need to really grow this workforce. I mean, we see GDP is up four point two percent. I think that that's positive growth. And we want to see more private sector jobs come online. Out of the one hundred nineteen thousand jobs we saw, ninety seven thousand of those jobs have been in the private sector, which is way different than the Biden administration
when we saw they were all government jobs. So I think we're on the right track.
It does seem like inflation is a concern. We heard that from Walmart today that it's got to pass through these tariff costs somehow. Are you not worried that we have arise in inflation that hits lower income workers especially hard if we continue to cut rates.
Well, I think what happens when you're talking to the American families every day, they want affordability, so they look for ways in order to provide for their families. As a former congresswoman and as a former mayor, I know how important that is each and every day. What we want to do is grow this workforce so that they can have more money in their own pockets. These policies that came forward with the working family tax cut are going to start to hit. No tax on tips, no
tax on overtime, no tax on Social Security. I think that that's what people want to see is more of their hard earned dollars in their own pockets for their own choices. We've seen again these real way to grow up almost seven hundred dollars, and I think that that's going to be key, way different than the Biden administration. You know, when wages were down almost three thousand and so, you know, to we have seven hundred dollars more in a family's pocket. That matters to the American people.
Don't we lose some of those dollars? If we continue to see three percent plus inflation on top of the inflation that we saw during the Biden administration, prices can continue to climb for everything from food to housing. Isn't that a concern if we continue to cut rates that we throw more fuel on that inflation fire.
Well, Actually, food prices have been down, energy prices have been down. We've heard over and over again our Thanksgiving meal is going to be less than it was under the Biden administration. So while we have seen oftentimes that some prices have gone up, whether it's in beef and some of the other sectors, we have seen housing. We certainly want to address the housing costs because people want to be able to afford their homes. I think the FED rate cutting will give us exactly that. So I'm
standing behind the President on this. I think we need another rate cut. It's been a.
Little bit Secretary again, Preto long.
Down that runway, but we need to cut that rate.
Part of what you're saying, you want to cut the rate because you want more private sector hiring. We hear you loud and clear on that. But we have to say this latest job support government jobs grew. Do you want to see that reverse? Why is it growing when this is a government that's been trying to cut back on what you say was a Biden administration that only supported the economy through hiring via the government.
The government jobs haven't grown. The only portion of government jobs that has grown in this last report that is showing have been at the state and local level, not at the federal level. Over two million private sector jobs have come online, and that has been for Native born. We are seeing massive amounts of the private sector. Out of these one hundred nineteen thousand jobs, ninety seven thousand
of those were in the private sector. We're going to do more and more with the private sector to grow this economy, opposite than what the Biden administration did, where they were all federal jobs. That isn't what the mandate was when they elected President Trump. It was to grow the private sector economy, and that is exactly what's happening.
One of the other things the President is talking about is sending middle to lower income Americans rebate checks from the tariffs, which have been behind a lot of the inflation that we've seen. So giving some of that money back to those earning a little bit less. Do you support that, you know, two thousand dollars check push.
Well, certainly. The President has been in consultation with his economic team. I think this is one way to give back to the American people. You know, people work hard for their money and when they provide that to the government, they have a contract that that's going to be spent wisely. These dollars, though, are coming in from tariffs to give back to the American people, and I think that that is a good plan that the President has set forth.
He will continue in consultation with his economic team and what he determines. You know, he's a man of the people. I say this. You see on my building I hang his banner because he is the president of the working family. He is the president for the men and women of this country. Every decision I make at the Department of Labor is through the lens of the men and women who have built this country, and they deserve to be taken care of. And that's exactly what the President has been doing.
Miss Secretary. Before we let you go, just quickly, I know we're looking for a little bit of guidance on some of the tax code changes, specifically who's going to be exempted from overtime tax or who's going to get that overtime tax exemption. Do you have any clarity on that or at least a timeline of when we can expect the Labor Department to come out with those clarifications.
Well, I'll be working with Treasury Secretary and certainly through the Department of Labor. I would imagine that with those policies in place from the Working Family Tax cut, that we'll start to see stuff in the first and second quarter, but any specifics I don't have on an actual release date. But again, one hundred nineteen thousand jobs I think is a solid report. I'll be looking forward to see what the numbers are for November, which will be released in
mid December. And I know the economists all got it wrong on this, and so this is a good for the American people that we saw a solid report of one hundred and nineteen thousand jobs.
Miss Secretary, thank you so much for joining us this morning. That is the Labor Secretary, Laurie shavesder Rima. And of course tomorrow, don't miss another important conversation Fed Governor been my Ron on Bloomberg surveillance that will happen at eight thirty am Wall Street Time,