Labor Sec. Perez Says More Work to Be Done in the Jobs Market

U.S. Labor Secretary Thomas Perez said there is still more work to be done in the labor market, but the June jobs report is evidence of consistent job growth. Secretary Perez said the drop in the labor participation rate was due to seasonal factors, and not an increase in discouraged workers leaving the job market. Secretary Perez also discussed the Obama Administration's proposal to extend overtime benefits to more workers, which he said would help to create more jobs. June was a strong month for new jobs in financial services and retail. According to the Obama Administration, the private sector has added 12.8 million jobs over the past 64 moths, extending the longest streak on record. TheStreet's Rhonda Schaffler has more from Aspen, Colorado.