Bloomberg Television7 min
Labor Secretary Says Department Looking to 'Modernize' BLS Data
Interview
- Secretary of Labor Marty Walsh (referred to in transcript as "Keith Sunderling") declined to comment on specific Labor Department inquiries regarding the NVIDIA executive's alleged connection to a Chinese spy, framing the issue as a matter for companies to address through established employment policies and procedures.
- The Secretary emphasized that employers must have adaptable policies in place for the C-suite and board to maintain workforce trust and market confidence when facing unpredictable security or HR issues.
- Following the indefinite suspension of Microsoft and Adobe's access to the PERM program last month, the Department is working with companies to prioritize the local American workforce and eliminate fraud within foreign labor visa programs.
- Current enforcement efforts include collaboration with Inspector General Anthony D'Esposito and the Department of Justice to investigate companies utilizing visa programs, specifically those seeking to make H-1B workers permanent.
- The Department asserts that the PERM program is designed for the "best and brightest" but must not be used in a way that displaces qualified American workers or ignores community recruitment requirements.
- To address recent volatility in monthly job data, the Secretary and new BLS Commissioner Brett Matsumoto are modernizing data collection methods to reduce massive year-over-year revision swings, a practice that previously occurred under the Biden administration.
- The Secretary identified the use of modern technology as a key strategy for increasing data transparency, accuracy, and public trust, aiming to mitigate the impact of late filings and data corrections.
- Recent data indicates the private sector beat expectations by over 100,000 jobs, with the manufacturing sector continuing to rise, having surpassed 101,000 new jobs this year.
- Regarding wage growth lagging inflation, the Secretary highlighted that year-over-year wages are up 3.1% overall, with specific sectors seeing higher gains: construction wages are up 6% and manufacturing wages up 5%.
- The administration attributes these sector-specific wage increases to historic investments in reindustrialization, which have generated 121,000 new jobs in the construction of manufacturing facilities.
- The Department's strategy involves aligning education and workforce development systems with industry needs to ensure American workers possess the skills required to fill these newly created, high-paying roles.