From Fortune:

U.S. employers posted 9 million job openings in December, up from November’s 8.9 million, showing resilience despite higher interest rates.

However, layoffs rose in December, and quits fell to mid-2021 levels, tempering optimism about the labor market. The Fed’s 11 rate hikes have raised borrowing costs for consumers and firms.

Higher rates impacted hiring, but the job market remains durable. Employers added 2.7 million jobs last year. Pressure on businesses to raise pay is causing inflation.

The job market is cooling with fewer openings, but painlessly. Unemployment rate has been below 4% for 23 months, yet inflation, though slowed, remains above the Fed’s 2% target.

The Fed expects to cut rates eventually, with inflation as a key factor in their decision. While markets expect the first cut by March, strong job data could delay the move.



Read more: Layoffs rose in December and quits fell to 3-year low in JOLTS report