who're better to ask about the state of the American work force on this labour day ,then you ask Labour Secretary Elaine Zhao.Secretary Zhao,do you has me?From Washington,Ma'amSecretay,thanks so much for being with us on this holiday.Well,thanks for having me.So,job is good,unemployment is low.Yet,there's a feeling of financial sort of insecurity among so many people in this country,why you think that is?Well,economy has experienced 36 straight months of job growth.The unemployment's already mentioned it's 4.7%.It is a 4% as well as the average unemployment rate of 5.7% in the decade of 1990s.Our economy has produced well over 5.7 million net new jobs ,an average hour early has in
creased 3.9% since 2001.Now let's compare this with Europe.Well,this is basically being stumbing job growth.And where France and Germany for example has permanent unemployment rates and access of 9%.The unemployed for example ,in the long term unemployee in France for example, it's three times that of the United States.But we're seeing is that there is a skill gap in our country. Basically,we're seeing that the majority of the 5.7 million net new jobs being created require higher skills ,more education .And that means we as a nation has to invest more in work training,work retraining and work education.
and madam Secretary an other thing could leading to this feeling here in the country that 28% American say they are working much more than 40 hours per week to make a ? i think that a matter of individual choice. we are among the most productive country in the world, our country is very vibrant , our econemy very flexible and very vibrant, and that part of our success, let me also say there been talk about wages, we can't talk about wages without look a total compensation, more and more people prefering to take part of their pay in other forms of compensation. for example like time off, so when we talk about to workers, we have to talk about total compensation, which includes retirement benefits, health care benefits, ? and others kind of benefits. you may take a look at overall compensation that's up actually more than 6% since 2001. that very good to know , because when you just limited to wages you know the ? and earning have fail to keep inflation for second straight year .so do you think in terms of wages . Did the 5 dollor and 15 cents mini wage is enough? oh let me say two things. when we talk about wages ,we also need to talk about after tax, disposable income.
