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Unemployment lower than expected: July jobs report conversation with Labor Sec. Marty Walsh

U.S. Secretary of Labor Marty Walsh discusses the July jobs report, unemployment, inflation and whether or not the U.S. is in a recession. Walsh joined Yahoo Finance Live on August 5, 2022.

Video Transcript

MARTY WALSH: 526,000 jobs over estimation is great. But more importantly, when you look at the whole picture as a whole, we're seeing all the-- most of-- all of the sectors have come back to pre-pandemic. The unemployment rate is actually a little lower today than it was the day before the pandemic hit in the United States, which we had a pretty strong economy back then.

When I'm talking to businesses all across the country, they're just talking about there could be a recession looming, but they're also, like you just said, they're adding to the bottom line. They continue to grow. They continue to add people on. I guess some of the bigger companies are slowing down a little bit in hiring. But when you look at 500,000+ jobs being added in one month, the slowdown is very incremental, obviously. But there's still other areas for growth.

So I think what everyone's kind of in the business community and in the world is a wait and see approach to see how we move forward and what's happening. Again, this is a very different time that we're living in. And I was a legislator in the last couple of downturns where we actually had recessions where we had to raise taxes and cut benefits and cut programs. That doesn't have the same feel as right now.