Transcript of Labor Secretary Julie Su on unemployment rates and inflation

We know from recent polls that the economy and inflation are two of the top issues concerning voters ahead of November's election. But in dropping interest rates last week, the Federal Reserve signaled confidence that inflation is firmly under control and an overheeding of the economy is unlikely anytime soon. We are so fortunate to have with us the acting Secretary of Labor, Julie Su, to discuss the direction of our economy secretary. So great to have you with us. Thank you. So good to be here. Let's start with your bread and butter, employment, economy, employment numbers, unemployment numbers in particular, about a year ago, were just over 3%, now we're about at 4%. Is that a concern for you at all?

Today, the unemployment rate has remained at or near 4% for the longest stretch since Neil Armstrong walked on the moon. Most people said we wouldn't even get to 4% for years. In fact, we got there and we got under that. At the same time, over 16 million jobs have been created in this country. That's the most under any president in the same time period. Again, the prior administration, They had fewer jobs when they left office than when they came in. This is an economy that has defied all expectations. That did not happen by accident. Leadership matters, economic policy and strategy matters, and we're continuing to see strong, robust economic growth.

Is there a disconnect with the actual numbers and Americans' understanding of where we are in the economy? Because if you have inflation that's under control, if you have the labor market that's now considered to be stable, why do we hear many Americans still fretting about grocery prices and the direction of the economy overall.

It's not just the number of jobs that matter, it's the quality of jobs. Under this administration, because we've said, When workers do well, our economy is stronger, our country is stronger. So these are good jobs, with secure pay, with unions, with the ability to retire with dignity. So some people are feeling it. The other reality is, I think, when you ask people how they're feeling, many of them say, Well, I feel okay my financial situation, but not the economy at large, despite facts to the contrary. It doesn't mean we don't have more work to do. We do have more work. Some prices still remain too high. But a big part of the reason for that is corporate greed. I think attacking that problem at its core, making sure that companies who have had record CEO salaries. Right now, a frontline worker would have to work their entire lives and can't make what the CEO makes in a month. These are the things that people are upset about, and we are addressing With regard to that, the wealth gap in America continues to spiral, really, when you have the wages of the upper class that are going at such a higher rate than middle class and lower class.

Is that, do you see that as part of the government's job to reconcile?

Yes, certainly we do. Building an equitable economy where everyone does well, where no one gets left behind, that has been a fundamental guiding principle of the Biden-Harris administration. We're doing that, the historic investments in our communities that are fixing roads and bridges, modernizing airports, making sure that every family that turns on the water, it turns on the faucet gets clean drinking water, high-speed reliable Internet in all communities. Those are investments that we are making from the federal government that haven't been made in decades, and those are translating into that job creation.

Just to go back to the jobs for a minute, union membership is now about half of what it was 40 years ago. Do you see that Is that an indication in particular of concern?

We do have decades of growing inequality to overcome. But in the last four years, over 400,000 workers who were not in a union have joined a union. This administration, and President Biden said he has built the most pro-worker, pro-union administration in history. When unions are strong, America is stronger.

And speaking of union jobs, right now, we have about 33,000 factory workers at Boeing who are on strike. What's your message to both sides?

Well, stay at the table. We always believe that collective bargaining works. I've seen this. I've seen it up close. We've seen it from hospitality to health care, from airline attendance to actors to auto workers, that when workers have a real voice at the table, when they have a union, they can bargain for their fair share. Again, that's not just good for them, it's good for the economy, it's good for industries.

Secretary Hsu, thank you so much. What a pleasure to have you. Really appreciate insight in time. Thank you.