517,Phaninc000 jobs were added to the U.S. economy in January, nearly double the 260,000 jobs created the month before. Unemployment is also at its lowest rate in more than 50 years, at 3.4%. So why are there so many jobs when interest rates are rising and there's a lot of talk about a possible recession?

One idea being talked about is labor hoarding, where employers hold onto more staff than they need. That's because the costs of rehiring are so high.

We find that the answer is more complex — and maybe a little more optimistic as well.

Music by Drop Electric. Find us: Twitter / Facebook / Newsletter.

Subscribe to our show on Apple Podcasts, Spotify, PocketCasts and NPR One.

For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.