The July jobs report was weaker than expected. Acting Labor Secretary Julie Su explains that while the most recent report may suggest a downturn in the overall jobs market, there is strong overall growth month-over-month, as well as high GDP and low levels of layoffs, showing a strong economy
Regarding the Sahm Rule, an indicator that has accurately predicted recessions, Su tells Yahoo Finance senior reporter Jennifer Schonberger that post-pandemic events and very low levels of unemployment may make the indicator less relevant even with the recent weaker jobs report.
When asked about what the Biden administration would do in a slowing jobs market, Su remained confident that they would continue to create jobs.
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