strong labor market being one strength. consumer household balance sheets remain generally quite strong. credit quality is strong. you do not see some increase -- significant increase in business bankruptcy. the typical kinds of distress we associate with the word recession. but i agree we shouldn't just get involved with the semantics but talk about what's going on. thank you. captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org. >> coming up this evening, members of congress play their annual baseball game in washington d.c. live coverage from nationals park on c-span and c-span now and free mobile app. and c-span dog. -- dog. >> c-span's washington journal every day we are taking your calls live on the air and discuss policy issues that impact you. coming up friday morning, republican congressman jason smith who is a member of the budget committee will talk about the federal reserve's decision to raise interest rates. then we'll discuss eff

labor supply, not so much. we have and disappointed that labor force dissipation has not moved up since january -- labor force participation. that could be due to yet another big wave of covid, and there is evidence that that is the case. nevertheless, i would say that some progress on demand and supply getting back in alignment. reporter: [indiscernible] chairman powell: we will be looking at inflation as well. as i mentioned, we need to see inflation coming down, we need to be confident that inflation will get back down to mandated levels. that is not something that we can avoid doing, it needs to happen. and we do think that the labor market can adjust because of the huge overhang of job openings, of excess demand, really. there should be able to be an adjustment that would have perhaps lower-than-expected increases in unemployment, lower than would be expected in the ordinary course of events, because the ratio of vacancies to >> how does that make the soft landing you've talked about more difficult? chair

labor. now the weaker force labor prevention at means that the companies themselves have to prove that their goods have no connection with force labor in the changing region of china. what could this mean for consumers and the garment industry and other industries as well? we start our conversation with us sen, marco rubio, who is a fuse the aspect supporter of this new import bad for far too long. companies like nike and apple and amazon and coca cola we're using forced labor. they were benefiting from force labor for sourcing from suppliers that were suspected of using force labor. these companies sadly, were making all of us complicit in these crimes. it's a common sense bill that says if you make things in john, when you need to prove that there is no slave labor involved in making it before you can bring that stuff into the united states. this is a conversation that impacts all of us wherever we are in the world of your consumer . this conversation is about you as well. jumping to youtu

also looking at child labor and how that impacts labor negotiations across the world. last year we saw the first time in 20 years and increase in child labor abuse in this world so we are focused on working partly due to the pandemic and other things but we can't be standing by and watching that happen. >> i would hope you would stay in touch on that issue and we would be leading in the effort in eliminating child and forced labor, may not eliminate it but do what we can to curtail it. with that let me recognize the ranking member. >> in my opening remarks i mentioned the bipartisan agreement on apprenticeships and how important they are, this committee includes funding for those under administrations of both parties but only a modest increase in the number of folks actively registering. what sorts of things can we do to increase those numbers and skill sets the the economy needs. how to attract more people in the use opportunities. >> we have to let people know these opportunities exist and what we are doing in the department of labor is looking at industries where we

use of child labor, forced labor. with funds from the u.s. mexico canada agreement, the usmca, we are making huge strides to enforce the labor provisions of our traders while helping workers and employers in mexico make their workplaces safer. protecting workers must also include protecting those who find themselves unemployed. we are addressing long-standing problems in the unemployment conversation system that disproportionately harm workers of color, service industry workers, blue-collar workers, by modeling technology and expanding the employment services to job seekers. we included district specific community funding to support workers in our home districts and try to meet the needs, including funding for job training, workforce development, apprenticeship programs. the america cleans act strengthens our workforce by keeping our economy competitive. as we begin fiscal year 2023, we need to build off these investments with budget requests proposals for 14. 9 billion for dol programs. 13% increase over 2022. there

if force labor is being used. should jack for the past few years, the chinese government has been implementing repressive policies in the region in the names of poverty alleviation combating or religious extremism and countering terrorism. but in fact, they've been implementing different, as i mention, different kinds of repressive policies like force widespread state one or forms of force labor practices for sterilization force birth control and gender based sexual harassment and surveillance. me. i'm one of the items of such repressive policies. i grew up having bugging devices my home. now i am separated from my family members for the past 9 years. i have at least 4 to 5 family members. my family are, are in locked up in prison or in a come. all right, i'm going to just remind audience what the region is, where we're talking about again on that map. so they can see it. tell us from the business and industry perspective, what does she drank? mean for china and for the world. you know, she's young. i mean, it's e

as more workers come into the labor force, the labor force protected -- labor force participation rate is too low in my opinion, but as inflation puts pressure on people's pocketbooks we get more people back into the workforce. kriti: let's talk about what you said. flexibility. i'm curious how much of a dent that is making. a lot of company saying that you can work remotely because the infrastructure has been put into place circa 2020. is that a trend that is hurting the labor market? peter: to some extent employers are recognizing that we are not going to go back to a pre-pandemic work style. in terms of flexibility and remote work, i think employers need to embrace the fact they need to attract and retain people with greater it for is on work-life balance. that is going to be the winning equation for employers. the employers that we work with, we are counseling them and consulting with them on how to create the right balance between remote work and on premise work. that is something that companies need to try to figure out, because supply and demand equation favors the employee. guy

it is only about the labor market. charles: to that point he did talk about, you know, how restrictive they have to be. where they might be at the end of the year. >> yep. charles: he was asked, he talks about the idea that the fed wants to influence behavior. the question was asked if that is the case, is everyone being premature seeing rate cuts next year? he kind of dodged that a little bit. >> he did. he said look back what we said in june. i know it was six weeks ago, look back what we said in june. in in 2023 we'll still be tightening. he alluded in my view he will continue tightening through the end of the year and midterms and keep going. charles: what is the thing that struck you most? questions are getting repetitive but there is some bombshells here. what do you think we go home tonight and sleep on this, market will be the driver? >> to me the old powell is back. can't tell what the economy will do six to nine months. that is how he characterized the first press conference before the powell pivot. charles:

strong labor market being one strength. consumer household balance sheets remain generally quite strong. credit quality is strong. you do not see some increase -- significant increase in business bankruptcy. the typical kinds of distress we associate with the word recession. but i agree we shouldn't just get involved with the semantics but talk about what's going on. thank you. captioning performed according m the government accountability office, about 17% of employees with the veterans affairs department say they have experienced sexual harassment in th

strong labor market being one strength. you know, consumer household balance sheets remain generally quite strong. credit quality is strong. you do not see significant increase in business and bankruptcies. the typical kinds of distress we associated with the word recession. but i agree we should not just get involved in the semantics, let's talk about what's going on. thank you. ♪ c spans a washington journal every day we are taking your calls live on the air on the news of the day. i will discuss policy issues that impact you. coming up friday morning, missouri republican congressman jason smith was also member of the budget committee, will be on to talk about the economy and the federal reserve decision to raise interest rates. then we will discuss efforts to expand the supreme court generates six committee development and the economy with georgia democratic congressman hank johnson. watch "washington journal" live at 7:00 a.m. eastern on c-span or on c-span now our free mobile app. join the discussion with your phone

fairly significant gains in labor. we still continue to see gains in wages so the one place in the economy we're not seeing the rate increases really have an effect is in the labor market >> although he acknowledged it we're seeing modest slower job creation, still robust it's why we're not in recession. >> and we've seen many companies talk about the fact that they're curtailing hiring or laying pem off or they're stopping to grow in terms of head count i do think the market and the corporations and the big hirers are starting to slow down hiring i think he sees that the way a lot of us see that, the hiring is lagging through the system. >> i don't think he gave a specific on the jobs and the economy, acknowledged the softness that is starting to happen he didn't really say what would change their tune on rate hikes, did he >> he did not. he did not >> it's going to be slower, that we're now another 100 points since we started talking you started talking. >> in an interesting turnabout when he got pushed on the recess

so good news in the labor market, but where is this going to go? are economists expecting the rate of jobs growth to slow i mean to a certain degree, we already do. see that growth is slowing. so the figures of june, when it comes to new jobs, what a little bit lower than what we see in may. but then we have the federal reserve for aggressively increasing interest rates, so they want to calm down the economy. and with that also job growth. so it is a pretty likely that job growth will be slowing, but it might take some time. i mean, it's still at a lot of places where you look people are looking for a labor, so it is going to take some town time to cool this labor market off, but then also on the upside to at least 4 workers in the united states. we did the wages go up in comparison to last year by 5 point one percent, but on the other side, that means bit more of an inflationary trend here in the united states. but to answer your question shortly, yes, growth is going to slow. how fast and by how much remain to be ok, so good news on the job marke

labor supply, not so much. we have been disappointed that labor force participation really hasn't moved up since january. that may be related to yet another big wave of covid and there's evidence that that's the case so we're not seeing much in the way of labor supply. nonetheless i would say some progress on demand and supply getting back in line. i think we're looking -- we're going to be looking at inflation as well. now as i mentioned, we need to see inflation coming down. we need to be confident that inflation is going to get back down to mandate consist levels. that's not something we can avoid doing. that really needs to happen, but we do think though that the labor market can adjust because of the huge overhang of job openings, of excess demand really. there should be able to be an adjustment that would have lower than perhaps lower than expected increases in unemployment. lower than would be expected in the ordinary course of evidents because the ratio of vacancies to unemployed it out of keeping with

, strong labor market that's operating in full employment >> secretary yellen, from axios. there's been a run up in the there are in the last few months and that's especially hard on the e memerging markets, do you feel it's appropriate? do you feel it's gone too far and do you worry about feedback loops and negative effects on the global economy >> well, thanks for that question there certainly has been a significant depreciation of the dollar i think part of it is driven by interest rate differentials between the united states and other countries as we've moved to tighten monetary policy more quickly. it's attracted capital inflows that have pushed up the dollar and that's typically something that occurs in cycles of monetary policy tightening i think we've also seen some risk off safe haven-type flows into the dollar that have exacerbated that you know, i am worried about the global outlook, the imf and world bank have on several occasions now downgraded the outlook. the strong dollar creates for some of those countries, pressures on their economies especially when there

why has the labor market remain so tight? just janelle, well, despite the warning signs of a recessionary economy, we do still have an extraordinarily tight labor market. as for why, why i think this story is like a lot of stories these days. it's about the pandemic. think of the labor sectors that are the tightest right now. they are the same sectors that were hit incredibly hard in 2020. we're talking about services, accommodation, health care and education. these are the essential workers, the front line workers who had a really tough time. they died, they got sick, their families got sick and what we're seeing is that workers resolving worker. so we're weighing the risks and we take our lives over a jobs and the companies that were able to entice their workers back while they entice them with higher wages. that's why we've seen such high wage growth. so does that mean that the high demand for workers necessarily translates to favourable condition for those workers? well, worker is actually are having a tougher time than o

that is a source of tightness in the labor market. it doesn't seem like it's going away anytime soon. jonathan: go through the recent calls. we were the first to navigate a recession in america. how much have you pulled that in? what does that mean for your best case for the fed? matthew: he pulled that into the middle of next year. we are calling for technical recession in the first half of this year. we had a negative q1 gdp growth. we are expecting the economy to oz back in the second half of the year, avoid a more conventional recession and fall into it next year. if that is the story, the fed is moving more hawkish late, raising rates more. very clearly, they are skewed toward the a tommy -- economy deteriorating. if that happens, it puts the fed in a bind. you have inflation above 4% and the labor market weakening. that could stop before we get to the 4% terminal rate. jonathan: matt, just wonderful. a beautiful view at deutsche bank hq. from the situation matt described it, let's be clear about that. if you have economic growth

somebody in their 70's is not in the labor force, we usually do not consider that a sign of the labor force. same thing with young people in school. people are taking time out of the workforce to raise children or whatever. it is hard to know exactly where we are. i think we have seen a lot of improvement the last year or so. the question is how much further that might go. host: for people who like the actual numbers in front of them, the labor rate in june. the number of those employed part-time for economic reasons at 3.6 million. is that good, bad? what does that show? guest: that number is coming down. that is what we want to see. you want to see people working part-time because they want a part-time job and not because their employer can only give them 20 instead of 40 hours. that number has been coming down. host: the state of the u.s. economy is what we are talking about. neil irwin is our guest. check out some of his work. you can join the conversation by calling. richard is up first for you out of lake worth, florida. independent. go ahead. caller: good morning. thank you for

demand is very strong while labor supply remains subdued with the labor force participation little changed since january. overall, the continued strength of the labor market suggests lying aggregate demands remain solid inflat inflation is with the longer-run gold at 2% and total pce prices rose 2.6% excluding the volatile food categories and core pce prices rose 7% in june it camee expectation at 9.1% ending the core cpi was 5.9 standing with the recent slowdown in overall economic activity, aggregate demand appears to remain and supply constraints have been longer lasting and they're across a is up play range of goods and services although prices for some commodities have turned down, the prices of crude oil and other that resulted from russia and ukraine and boosted prices for gasoline and food with additional upward inflation. the actions are guided by our mandate to promote my colleagues and i are acutely aware that high inflation imposes significant hardship especially on those essentials like food and transportation both sides of our mandate and we're strongly committed to returning

the labor market is tight. i more of the persuasion that if you look at the numbers, something wrong with the numbers. >> if you are policymaker, how do you interpret this information? we have heard from chairman powell who is looked at consumer expectations on inflation. that's new to all of us. that is a little thing and a data point we used to pay attention to, and that is a difference between 50 basis points. >> i think focusing on that data point, using it to explain the 75 versus 50, that was a mistake in communication. but they've gotta be focused on are two things. if gotta be focused on unit labor, meeting productivity, wages, and they've also have to look at the longer-term expectations of the bond market. both of those are looking flat. >> very quickly. we have an experiment underway behind us. the central bank in that sector of treasury. how is it going? >> i think her signature issue, which is the international corporate tax deal, was the right priority for her. for this country. i think she did a

a strong labor market being one strength. consumer household balance sheets remain generally strong. credit quality is strong. you do not see some significant

do you expect it to reach the labor market soon? kelsey: our seeing some signs of weakness in the labor market and i want to acknowledge that, particularly in claims data. this trend has not been very friendly. it has been trending higher now for a material period of time but the level is still low. overall, when i look at where the unemployed it is going, payroll growth would need to decelerate quite a bit to get a material rise in the unemployed rate without an increase of labor force participation. my vibe is to say unemployment for this year probably stays below 4% but we should be expecting a deceleration in payroll growth because 300,000 to 400,000 is still consistent with an economy operating above trend growth and what the gdp data is telling us that we are probably moving into low trend growth environment. jonathan: another way of putting what you said is this federal reserve will have to hike more and people expect to take eat out of this labor market. is that correct? kelsey: that is correct eerie they stop more work to d

>> the labor market is still strong. it does paint a confusing picture. >> you rely on your labor market numbers to tell you what is going on. they have been out of whack. >> this is the post covering -- post-covid recovery we are seeing in the labor market. >> this is "bloomberg surveillance." tom: good morning. on a jobs day, on radio, on television, we welcome you across the nation, around the world to a key labor economy report. all it comes down to is jerome powell says a strong economy, but he needs a weak job market. i do not get it. jonathan: 265 is the estimate for this morning, that will allow them to focus on inflation next week. we talked about it the last 24 hours, 8.8%, the median estimate for cpi, headlined next week. tom: we dovetail into the labor data, and drive forward to next week. forward to the july 27 fed meeting what does the jobs report mean to the fed meeting? 75 or 50 beeps? jonathan: 75 is the view from -- cursed. the fed president argued we could have that soft landing. i'm not sure how many

for example, the fourth labor. using the olympic to glorify the regime taking children away focusing targeting women. there's so much similar even some up the slogans, you know, they use the term disturbingly final solution and some of the chinese docking you talk about taking the children away. that's a reference to some of these state-run orphanages. right? where when both of the parent what are both of the parents are in the camps and there's this child they put them in there what they don't teach them uig or they only teach them mandarin they teach them to say i love the communist party. i'm not muslim. yeah. i mean it's and there's i mean there was an estimate in the washington post that there were 800,000 800,000 children effect. that's more than the people in nations capital the population in washington dc is about 750. yeah. we talking about more people more kids than the population of questions. this has important. will legal ramifications potentially right we can talk about i think the, you know creating

veronica: the labor market is important. we will get gdp data later this week and it could be negative but most people know that it will not officially be a recession and the labor market was strong early this year. into next year, we see a mild recession as the base case and the result of hawkish fed policy from this year. we will see the unemployment rate rising and gdp growth. alix: with that, when does -- what does the unemployment rate get to freak everyone out. what is calling everyone is that we are at three -- 3.6%. as it was pointed out, as long as consumer spending is continuing, people will feel relatively ok. what is the number that changes that conversation? veronica: the fed is hiding behind the strong labor market right now. but we do have the unemployment rate coming up a percentage point by your, closer to 5%. it could even go higher who usually when you see unemployment rates rising a couple tenths of a percent, it could stop it. if you see it coming up to 4% by early next year, i'm sure people will get mor

labor market. the economy adding 372,000 jobs in june, far beating economists' expectations and the unemployment rate remaining at 3.6%, near historic lows. president biden celebrating the news, saying the u.s. has now recovered all of the jobs lost during the pandemic. >> at a time when our critics said the economy was too weak or having already added more jobs, we added more jobs my first year as president, any president in history, we still added more jobs in the past three months than any administration in nearly 40 years. >> reporter: but despite the continued strength in the labor market, soaring inflation remaining a stubborn problem for the biden white house. >> look, i know times are tough. prices are too high. families are facing the cost of living crunch. >> reporter: wages continue to move up last month, they were outpaced by decades high inflation. consumer goods across the board squeezing american families and high gas prices adding to the widespread economic pessimism. >> it's gettin

we're seeing a concentrated by nlrb to expand big labor's power. for instance, the nlrb is exhuming policies from days gone by like the joyce silk doctrine which would allow unions to organize a workplace without ever receiving majority support in a secret ballot election. by eviscerating the secret ballot, a hallmark of democratic elections, card check makes workers more vulnerable to harassment from union organizers. don't forget a prominent union leader testified before the house education and labor committee that union workers -- need workers' personal information to harass them at the grocery store or in their own home to pressure them into supporting the union. the admission tells you the political hackery of unions today. the biden-appointed nlrb general counsel has challenged long standing precedent regarding employers' right to educate their employees about the downsize of union representation. general counsel believes such efforts are at odds with the fundamental labor laws of this country. yet, this precedent was established in 1948 and

the labor force workforce felt something like three and 50000 workers for the labor participation rate we should be going up in a strong labor market did fall a ticket. so is that a sign? how do you explain that when you are saying look a really strong labor market. exit any given given month they put out so much data you going to be able to pick up parts that are strong and parts that are weak. you could point out the so-called house survey actually showed in outright contraction in employment. it almost matches the contraction and the labor force. these things fluctuate from month to month. so far this year they are all very, very much going in the right direction. the thing i think we ought to focus on as if you go back and look at the level of payrolls laborforce participation just the shirt size of the labor force, or all of these things are just before the pandemic depression struck. we are still below that level in every way. we are way below the trend that level because before the pandemic the trend and all these things was rising because every month we added 90000 new adults t

when i was secretary of labor the labor participation rate was 66.4 on average over eight years. many times it was over 67%. so where do all these workers go? we're missing millions of workers who otherwise would have come back into the workforce. neil: you wonder where they're going, what they're waiting for. you're quite right about that. i would be remiss, secretary, a lot of people didn't know this after the january 6th insurrection on capitol hill you resigned as did education secretary, betsy devos. i'm hearing the january 6 committee want to potentially talk to you and miss devos, are you open to talking to them? >> of course. neil: how do you feel about those who said that donald trump brought in on and should be held accountable? >> well that something i would be obviously talking to the committee about. neil: you obviously resigned. so you were frustrated by that. the former president has been critical of your husband, mitch mcconnell, the senate majority leader. do you -- >> mitch is very calm, very steady. neil: he is. how is he handling that, the senate republican le

i want to thank cecil roberts and so many other labor leaders who are working on these initiatives. since i took office, we invested $4 billion in federal funding in the hardest hit coal, from west virginia, kentucky, to wyoming and new mexico. through the infrastructure law, we investing in clean hydrogen, nuclear and carbon capture. we have secured $16 billion to clean up abandoned mines and wells, protecting thousands of communities from toxins and waste particularly methane. and we are going to seal leaking methane pollution and greenhouse gas that is 40 times more dangerous to the environment. the american leadership back on climate, i was able to bring more world leaders together and get 100 nations to agree at a major conference in england -- scotland to change the emissions for policy. we made real progress, but there is enormous task ahead. we have to keep retaining and cry recruiting trades in wind, solar and nuclear and create more and better jobs and revitalize jobs especially those who are smothered by pollution. we have to outcompete china and in the world and make the

it lifts the ball over bjorn's racket in these down two sets to one to rob labor. he misses in easy one. of last point erupted the youngsters concentration predicted in last on fine labor serving to hold off his second consecutive service breaks. he falls behind in the next game 13-30. a great winner by laver. ahead 5-4. another great angle and laver ties the set. an impossible winner by the incomparable laver brings the dallas crowd to their feet coming back at it 2-5 deficit in a good position to win the match right now unshaken and we will rejoin action with bjorn serving. another one by rod to force the tiebreaker. [applause] laver has done any with the tiebreaker once again in the finals of the one he has yet to win. fans can't get over this match which has gone well beyond three hours. toward his devastated and oppression jumps to a commanding 6-2 lead in his own part in tiebreaker. laver serving with his back to the wall. after 3.5 hours of hard-core tennis at comes down to the sixth and final set for the spectators at moody coliseum are wondering if young j

i do think the economy is okay i think this labor market is acting as a cushion, and the labor market does operate with a lack, so there's sort of a lag on the sag in the economic, but i think still still coming here. the federal reserve has some interesting navigating to do here >> well, you know, certainly labor market operates with a lag. you said earlier it may even operate with more of a lag here. no matter how you slice it, in terms of the 12-month average payroll gain has been on the eve of prior recessions. it's a fraction of what we've been seeing. do we chalk that up just to the oddity of this cycle in the sense of labor scarcity? or is there something more durable about the labor story that could support the rest of the economy? david? >> no, i think it's just the post-pandemic bounce back, and this is about leisure/hospitality. government employment can't bounce back, because the government can't raise its wages. it's still in the doldrums, but it was a weird economic a year ago, and that's what's driving these numbers. it's not indicative of the pace of growth, which is a

so it still has incentives to erode labor laws restructure regulations. and even if it is not doing it, and some of these more recently legal ways, it has figured out over the past decade of changing the law, how to make previously legal mode of operation. now we go and now now they're at the point where they don't need to act as recently as a legal because they have changed. all right, we're going to leave it there. i'm afraid that was edward and wasteful jr. thank you for your analysis. thank you. ukraine says russian shelly monday in the eastern city of hard cave, has killed at least 6 people and wounded dozens more. as russia continues its grinding offensive and eastern ukraine. keel says moscow is stepping up its attacks against civilian targets, including home schools and shopping centers. bits of this building was still collapsing when rescue workers pulled this woman out of the rubbing her apartment. and how keith was raining dust after russia attacked the city again with artillery rockets and tanks, many elderly citizens of ukraine have had to wa

democratic parties. base biden fears, losing labor support. there are a lot of different elements to this, especially since the previous administration imposed these tariffs and such a haphazard way in a non strategic way. so we want to make sure that we have the right approach. u. s . labor unions have been pushing for tariffs and a trade war against china for a long time, seeing it as a way to rescue american manufacturing jobs. here's what the labor advisory committee closely tied to the united steelworkers had to say, china's theft of intellectual property and their policies to advance innovation in order to serve the goals of the chinese communist party has had a corrosive, continuing and substantial impact on domestic industry and its workforce, the direct effects have been significant alone, but compounded with direct effects. the impact on the competitiveness of the u. s. economy has been devastating. many labor unions have been pushing for government protectionism for a long time. however, there are other sections, the labor favorite,

>> we think the labor markets are going to be strong, but they're going to be less inflationary over the next six months in terms of our outlook, our outlook is the economy is doing relatively okay and you can buy stock because we're not going to go into a deep recession even if we have a recession of two negative gdp quarters we think the economy is doing well, consumers are doing well, businesses are doing well. so we look at that in our outlook and we're saying you really want to be buying stocks here and we're comfortable buying technology companies, consumer discretionary companies, companies that are little bit more focused or leveraged to the economy we like fedex. they had a verygood up day earlier last month or late last month. under ten times earnings, focus management on profitability. if we don't go into a deep recession it's a great buy >> a provocative idea. what else in discretionary, there can be lots of different things in there, and what would you do with consumer staples which was one of the hiding spots, one of the most important trades lately. >> we are using tha