Despite rising interest rates, US job growth continues

The U.S. economy has faced conflicting signs for months. On one hand, inflation is rising and so are interest rates. On the other, job growth has remained steady.

WASHINGTON — America’s employers added a stunning 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve’s aggressive drive to slow growth and tame inflation with higher interest rates.

The unemployment rate dipped to 3.4%, the lowest level since 1969.

Friday’s government report added to the picture of a resilient labor market, with low unemployment, relatively few layoffs and many job openings even as most economists foresee a recession nearing. Though

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