Real wages outpacing inflation under Biden: Acting Labor Secretary Julie Su
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- Опубліковано 4 лип 2024
- #june #wages #biden #yahoofinance
The June jobs report included a mixed bag of labor data with 206,000 nonfarm payroll jobs added to the US economy and the unemployment rate rising from 4.0% to 4.1%. Year-over-year average hourly earnings remain unchanged at 3.9%. Acting US Secretary of Labor Julie Su comes on The Morning to discuss the employment growth seen under the Biden administration. "If you recall, on this day in 2020, under the last administration, the unemployment rate was nearly 12%, and there was no national strategy to address the economy or the global pandemic," Secretary Su explains. "President Biden came in with a national strategy, we've been implementing it, and of course there's more work to do." Americans are still struggling with the price pressures affiliated with persistent inflation and the rising cost of goods, wage growth being a figure at the top of many peoples' minds as the US cost of living continues to increase. "Real wages have outpaced inflation under President Biden. Again, that is not an accident, that was not inevitable. It's because the president understands that we both need to create a lot of jobs, and we need to make sure there are good jobs, good jobs, meaning somebody can make a living wage, support a family, put a little bit away for retirement," Su states. Su goes on to explain how the administration seeks to protect workers from heat and other workplace conditions, address CEO-worker pay gaps, and promote equity for union workers. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
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