Acting Labor Sec’y: July Jobs Report ‘Part of’ Transition to ‘Steadier’ Growth, We Don’t Look at Just One Month

On Friday’s broadcast of “CNN News Central,” acting Labor Secretary Julie Su reacted to the July jobs report by stating that “we look at, not just one month’s data, but we look at trends,” and the July number “is cooler than expected, but it is part of that transition to continued job growth, but at a steadier, more sustainable pace.”

Su said, “So, as usual, we look at, not just one month’s data, but we look at trends, and the three-month trend in job creations is still 170,000. Remember, for the last couple of years, we were talking about how the labor market is too hot and the plan was always to reach a transition to steady, stable growth, and this number is cooler than expected, but it is part of that transition to continued job growth, but at a steadier, more sustainable pace.”

She added, “[W]hen you look at things like, the GDP remains high, consumer spending remains really strong, layoffs remain relatively low, and the labor force participation rate remains strong too. It reached the highest in over two decades for both men and women of prime-age working age. And so, when you look at the overall trends, yes, it’s still a very strong economy that has defied all expectation in terms of its recovery and now in terms of its level of sustained, steady growth.”

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