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Why the job market has weathered rising interest rates, grim economic forecasts

Inflation has tumbled from its peak of 9.1% in June 2022 to 3.7% on the back of the Fed’s rate hikes. Yet the unemployment rate, at a still-low 3.8%, has scarcely budged.

US job market defies expectations Here s why

Why the US job market has defied rising interest rates and expectations of high unemployment

Grim forecasts from economists had predicted that as the Federal Reserve jacked up its benchmark rate ever higher, consumers and businesses would curb spending, companies would slash jobs and unemployment would spike as high as 7% or more — twice its level when the Fed began tightening credit. Unemployment shot to 10.8%, which at the time marked its highest level since World War II.

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