Chapter 1: What is the main topic discussed in this episode?
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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 U.S. Labor Secretary, Lori Chavez Doremer. Doremer, Ms. Secretary, thank you so much for your time this morning. Let me first ask you about the headline numbers. It was a blowout.
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Chapter 2: What insights does Labor Secretary Lori Chavez-DeRemer share about the September jobs report?
We've seen, again, these real wages go up almost seven hundred dollars. And I think that that's going to be key, way different than the Biden administration. You know, when when wages were down almost three thousand. And so, you know, to 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 3% plus inflation? On top of the inflation that we saw during the Biden administration, prices 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, you know, 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 too 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 jobs report government jobs grew. Do you want to see that reversed?
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 2 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 119,000 jobs?
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Chapter 3: How does Labor Secretary Chavez-DeRemer assess the strength of the U.S. economy?
97,000 of those were in the private sector. We're going to do more and more with the private sector to grow this economy. What 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 $2,000 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'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.
Ms. 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, 119,000 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 good for the American people that we saw a solid report of 119,000 jobs.
Ms. Secretary, thank you so much for joining us this morning. That is the Labor Secretary, Laurie Chavez de Riemer. And of course, tomorrow, don't miss another important conversation, Fed Governor Stephen Myron on Bloomberg surveillance. That will happen at 8.30 a.m. Wall Street time.
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Chapter 4: How does the current labor market affect consumer confidence?
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