Nearly 200,000 jobs were added in the US in November, while the unemployment rate ticked lower to 3.7%. US Department of Labor Acting Secretary Julie Su calls the report "strong" and that it's another example of "Bidenomics working," adding "we also have the lowest unemployment rate for the longest period of time since Diana Ross topped the charts."

Su tells Yahoo Finance's Jennifer Schonberger the report is a sign of a broad-based recovery. However, one area that did see a decline was retail. Su points to shifts in spending trends as part of the issue, with more people making purchases online. Overall, Su argues that strong consumer spending is a signal that the economy is still healthy.

Click here to watch the full interview on the Yahoo Finance YouTube page or you can watch this full episode of Yahoo Finance Live here.

Video Transcript

JENNIFER SCHONBERGER: For more reaction to this morning's jobs report, I want to bring into the program, acting Labor Secretary, Julie Su. Secretary Su, always great to see you. Thanks so much for joining me.

JULIE SU: Thank you.

JENNIFER SCHONBERGER: So looking at this morning's jobs report, stronger than expected, but a lot of it driven by the government sector and also replenishing on the manufacturing side with the strike. Do you think it perhaps under the hood it's a bit of a cooler report? And we've seen private sector jobs also slowing. Do you expect that trend to continue into next year?

JULIE SU: No. I mean, I think this is a strong report, and I'm not going to get tired of coming here and saying that it is reflective of Bidenomics working. And it's 199,000 jobs last month. We also have the lowest unemployment rate for the longest period of time since Diana Ross topped the charts. So it's 3.7% that ticked down from last month's 3.9%, but we always look at broader trends and what that means.

It's also broad-based recovery, right? Multiple industries are coming back. And overall, that means it's 14.1 million jobs created since the President came into office, combined with low unemployment, combined with wages going up and labor force participation rate and inflation starting to come down. Those are all exactly what the President wants to see in a strong economy that's good for the working class and the middle class.

JENNIFER SCHONBERGER: We saw retail employment drop in November. Businesses have said that they're hiring fewer workers for the holidays. Ominous sign going forward?

JULIE SU: No. I mean, the real story here is that consumer spending remains strong. People are buying things, and they're getting them. And again, reflective of the broader health of the economy. We saw growth in leisure and hospitality. People are traveling to see their aunt for the holidays. They're going out to restaurants and bars. All signs that people not just feel confident but have a little bit of that breathing room the President talks about, are able to do some spending.

The other thing is that in retail, this is reflective of other trends. We see online shopping has grown. That means fewer people going into department stores. So I think there's other things that factor in here. But just remember, a couple of years ago, around this time, we were talking about we would have to cancel Christmas because of the supply chain issues that we were seeing. Ships lined up at the ports not able to unload their inventory.

And we don't see that now? We have, with a laser focus, addressed supply chain issues. So that again, people are buying things, and they're getting them. And part of that ties to how when workers do well, the economy does well. Across the supply chain, we've seen from dock workers, to delivery drivers, to auto workers going to the bargaining table, entering into contracts that provide for their security but also the stability of their industries. And that's what the President means when he says when workers do well, employers prosper, and the nation is stronger.