Acting U.S. Labor Secretary Julie Su refused to speculate on the possibility of the nation heading for a recession, acknowledging citizens continue to feel “pain” from rising living costs while also praising President Joe Biden’s economic agenda.
Su said the June jobs report is an “indication of steady and stable growth combined with the 3.6% unemployment rate,” on MSNBC on Friday.
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“Remember, predictions were that it would not go under 4% this quickly, so it is a sign that Biden’s economic policies, that the president’s vision of the economy, is working,” Su said.
The Bureau of Labor Statistics reported Friday 209,000 jobs were added in the month of June to the American economy, marking the 30th consecutive month of job growth. The Biden administration emphasized that unemployment has stayed below 4% for the longest stretch since the 1960s.
When asked if the United States has successfully avoided a recession, Su said she is “not going to make predictions,” laying out three objectives Biden has to cut inflation down and strengthen economic security.
“Investing in America, including industries like semiconductor infrastructure, manufacturing, clean energy,” Su said. “Also investing in American workers and also increasing competition to decrease prices.”
Su was nominated by Biden earlier this year to succeed Marty Walsh, who left the administration to accept the position of executive director at the National Hockey League Players Association. She was confirmed by the Senate as deputy labor secretary in 2021 but has been sharply criticized by Republicans in the chamber. Su’s nomination is currently in a state of uncertainty. Opponents cite her record as California’s labor secretary while handling the state’s unemployment insurance system over the pandemic, which has been found to have issued billions of dollars in wrongful or fraudulent payments.
The Federal Reserve has been raising the federal funds rate to curb inflation, and the agency is expected to increase rates again later this month. With mortgage rates climbing this month, along with credit card rates, Su pointed to the Biden administration’s economic plan to tackle the toll surging costs are taking on Americans.
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“I think part of the answer though is to continue to do what the president said — let’s finish this job,” Su said. “Let’s create good jobs in communities all across the country. Let’s create pathways so people who have been left out of the labor market before can get those good jobs.
“And let’s continue to focus on bringing down inflation, bringing down costs of living so that Americans can feel this in their homes at the grocery stores and at the kitchen table,” Su said.
