Fmr. Labor Sec.: Jobs Numbers are Sobering

" Let's get into that with the experts I want to welcome Ian. -- average panera he's democratic mayor of Lansing Michigan called dean democratic mayor of Nashville Tennessee. Elaine Chao she's the former labor secretary under president George W. Bush. And our own senior economist mark Lieberman won't let me start with you you're breaking it down you -- elections -- work average hourly earnings to most important. Points. Workweek seems it was last month and average hourly earnings up six cents."

" That's a good sign for incomes in part because obviously average weekly earnings are -- function of how many hours you work and how much you get paid per hour. So the fact that we saw average hourly earnings go up means that might be a little bit more money in consumers' pockets. That the workweek stayed flat. Means that employers businesses are pretty much happy -- what the with the size of the workforce they have now. And that was also reflected in a surprisingly strong. Payroll job number when you back out the government. The government lost about 30000 jobs by her Peter correctly 121000. -- that means we're about a 197000. Jobs that we that the private sector shed. That's so that's a very very low number of very positive number for for August."

" And that secretary you agree disagree. -- I think these numbers show continual concern with the economy. -- had an economic indices which indicate that perhaps. B -- recession was bottoming out and there was some continuing questions about whether economic recovery. Will come about but I think these numbers -- kind of sobering three tenths of 1% increase in the unemployment rate is not statistical. An insignificant to statistically significant. It's also noteworthy that manufacturing and construction continued to decline until. I will say that manufacturing appears to be declining at area flow rate to a less losses in manufacturing. But leisure and hospitality. Also suffered some decreases in jobs where in the last month. They were showing. Growth in jobs created. Filled I think the pictures kind of mixed at this point and down. The two numbers with it worked out was worked as important. But -- what we're looking at job creation and we need to take a look at those jobs as well what the rate of job creation versus the rate of job losses have been. In the economy because while some of the unemployment numbers can be attributed. To the loss of jobs. The other point -- we need to also look at his what is the rate of job creation. -- will be able to absorb those who have lost their jobs excellent point."

" Because near the hero when I look at these numbers. Long term unemployed now those unemployed for over six months five million people and over nine million people in this country. All working part time that they want a full time job. You know this better than anybody."

" Alexis people are hurting and the American people the working people know what's wrong with this country the working people have been sold out manufacturing is the goose that lays the golden egg. Those -- the great jobs those -- the -- of the crap most of the apex of the economy and those have been pushed out we just saw where another company sent 1100 more jobs to Mexico I think it was Whirlpool recently out of Indiana. But it's all over the industrial heartland of this country has been decimated and would you destroy manufacturing when you ship out manufacturing you're shipping up the American dream you are outsourcing the American way of life that's what's happened and I've heard people on this show and others talked about how manufacturing is optional the manufacturing may be should be left to developing countries. Well pretty soon. Will be one of those developing countries of the way it's going we need manufacturing know modern economy can survive without active advanced manufacturing we have some of the greatest most productive workers in the world. But Wall Street has sold us out Wall Street has decided they're better off making things overseas no great nation could survive we gotta put the GDP gross domestic product or we will not get out of this recession. All right --"