Julie Su, the nominee for Secretary of Labor, arrived on Thursday, April 20, 2023, for her confirmation hearing in the Senate Health, Education, and Labor & Pensions Committee. Her arrival was captured by Bill Clark of Cq-roll Call, Inc. in an engaging photo.
WASHINGTON — In July, the U.S. economy experienced a modest increase in jobs, representing the smallest growth since December 2020. However, Acting Labor Secretary Julie Su views this as a positive indication of a “soft landing” for the U.S. economy, a perspective shared by experts.
Last month, nonfarm payrolls increased by 187,000, slightly below expectations, while the unemployment rate saw a slight decrease to 3.5%. Su, in an interview with CNBC’s “Squawk on the Street” on Friday, described this as an example of slow and steady growth.
Regarding the unemployment rate, Su highlighted that it has remained low, below 4%, for the longest period since the 1960s, a promising trend sustained over the past 18 months. She also commended the significant labor force participation rate, especially among prime-age workers aged 25 to 54.
In July, the percentage of women in the labor force reached 49.9%, a rate previously observed only in December 2019, just before the pandemic, and in 2009 during the Great Recession. Despite these positive developments, Su emphasized the need for better government support to ensure a smooth transition for women returning to work in the post-Covid economy.
According to Su, addressing structural issues that hinder labor force participation is crucial. She specifically highlighted the importance of affordable and reliable childcare in facilitating increased participation.
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