On Friday’s “CNN News Central” broadcast, Acting Labor Secretary Julie Su responded to the July jobs report, saying “we’re looking at trends, not just one month of data,” and that while the July number is “lower than expected, it’s part of a transition to continued job growth, growth at a steadier, more sustainable pace.”
Su said, “As always, we look at trends and not just one-month data, but the three-month trend of job creation is still at 170,000. Remember, in the past few years we have been talking about the labor market being too overheated, but the plan was always to achieve a transition to steady and stable growth. While this number is lower than expected, it is part of the transition to continued job growth, growing at a steadier, more sustainable pace.”
She added, “[W]”For example, GDP remains high, consumer spending remains very strong, layoffs are relatively low, and labor force participation remains high. Both prime-age men and women are at their highest in the last 20 years. So, if you look at the overall trends, we certainly have a very strong economy that’s far surpassing expectations both in terms of the recovery and now in terms of sustained, stable growth.”
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