Paul Wiseman, Associated Press

America’s employers delivered another healthy month of hiring in February, again showcasing the economy’s resilience in the face of high interest rates.

Across the United States, chronic worker shortages have led many companies to invest in machines to do some of the work they can’t find people to do.

The nation’s employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades.

Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households.

Housing costs accounted for more than half the increase in prices from November to December.

The unemployment rate rose from 3.5% to 3.8%, the highest level since February 2022 though still low by historical standards.

Excluding volatile food and energy costs, so-called core inflation matched the smallest monthly rise in nearly two years, a sign that the Federal Reserve’s interest rate hikes have continued to slow price increases.

Last month’s hiring was solid, considering that the Federal Reserve has raised its benchmark interest 11 times since March 2022.

Companies plowed more money into factories and equipment. Increased spending by state and local governments also helped fuel growth.

The Federal Reserve’s preferred inflation gauge gave an alarming sign that price pressures remain entrenched in the U.S. economy.

January’s job growth, which far exceeded December’s 269,000 gain, could raise doubts about whether inflation pressures will ease further in the months ahead.

Despite high interest rates and chronic inflation, the U.S. economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate.

Stronger exports and steady consumer spending, backed by a healthy job market, helped restore growth to the world’s biggest economy.

Tesla founder Elon Musk took to a witness stand Monday to defend his company’s 2016 acquisition of a troubled company called SolarCity against a lawsuit that claims he’s to blame for a deal that was rife with conflicts of interest and never delivered the profits he’d promised.

As the economy bounds back from the pandemic and customer demand intensifies, high school-age kids are filling jobs that older workers can’t — or won’t.