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New jobs in the US rose to 11 million in December, which was interpreted as a setback for the US Federal Reserve Board's efforts to "cool down" the hot labor market, BTA reported.

New jobs rose from 10.44 million in November and were the most since July, Labor Department data released today showed.

Economists had expected their number to drop marginally in December.

For 18 straight months, employers have posted at least 10 million job openings, a feat not achieved before 2021, according to the department's data, which dates back to 2000. December's number of job openings means there were at least two positions for every unemployed American.

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Employers hired 6.17 million workers in December, up from 6.03 million in November.

The number of employees laid off rose to 1.47 million in December from 1.42 million in November.

Americans leaving their jobs -- a sign of their confidence that they will find better opportunities elsewhere -- fell in December.

Hotels, restaurants and bars accounted for more than 70 percent of December's new job growth. 

The US labor market continues to be surprisingly resilient during this period of economic uncertainty. 

Employers added 375,000 jobs a month in 2022, the second-highest number ever, according to Labor Department data dating back to 1940, and likely added another 185,000 last month.

This is stated in a survey of analysts from "FactSet".

Data for January will be released on Friday.

Hiring has remained strong even amid rising interest rates, which can raise costs for businesses.

Battling inflation that hit a 40-year high last year, the Fed has raised its key rate seven times since March last year and is expected to do so again later today.

UFR policymakers aim for a "soft landing," or slowing the economy enough to contain inflation without causing economic shocks.

They hoped that employers would shrink new jobs and ease upward pressure on wages that could fuel inflation.

However, today's report undermines the efforts of the UFR in this direction.

Many economists believe a rate hike by the central bank will slow the economy enough to trigger a recession later in the year.


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