About Varney & Co. On Friday, U.S. Secretary of Labor Marty Walsh reviewed the August jobs report and explained how he and CEOs across the country want to fill more than 11 million jobs. did.
Walsh told FOX Business’s Ashley, “I think what the pandemic has brought is a spotlight on inequality in the job market, which means that at some point in the country we need to have a serious conversation about immigration. It means that there is a Webster.
For months, the labor market remained one of the economy’s few bright spots, with the economy adding more than 2 million jobs in the first half of the year. Earlier this week, however, the government reported that job openings had surpassed her 11.2 million.
“If you talk to business CEOs across the country, they’re all in favor of immigration reform,” Walsh said. “They are all in favor of routes and visas for people entering and working in the United States.”
U.S. job growth moderated in August, adding 315,000 jobs while unemployment rose
The labor secretary further argued that “serious talks” were needed to discuss reforming the immigration system to help people obtain work visas more efficiently and quickly.
“It’s going to start to affect our economy,” Walsh said. We don’t have enough people to fill the jobs.”
“So at some point, we have to address the workers issue,” he continued.
Employers added 315,000 jobs in August, the Labor Department said in its monthly payroll report released on Friday, in line with the 300,000 jobs projected by economists at Refinitiv. This is his first monthly rise since April 2021 and is down significantly from his 526,000 jumps recorded in July.
Meanwhile, the unemployment rate unexpectedly rose to a six-month high of 3.7% as the labor force participation rate rose.
“I think it’s a great report on several counts. First, obviously 315,000 jobs is a big number,” the Labor Secretary noted. “After that, the labor force participation rate also went up a bit, so the unemployment numbers went up.”
Just a week ago, Federal Reserve Chairman Jerome Powell warned that the labor market was out of balance and more economic “pain” was coming. Walsh said he was not yet worried about the unemployment rate spike.
“We haven’t seen it yet. The unemployment rate is pretty stable,” Walsh said. “We’re in a very interesting time in terms of the economy. It’s unlike any other time. We talk about not a recession, not 2008, not 2002, not 2001. More When challenged.”
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Walsh was optimistic that President Biden’s various spending packages would stimulate the U.S. job market.
“The president has passed important legislation that will only add jobs to our economy,” Labor Secretary said, adding, “That’s the infrastructure bill, the tip bill, the inflation cut bill, all those investments, and all that. is,” he said. The bill is about moving our economy forward. ”
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Megan Henney of FOX Business contributed to this report.