Hiring by U.S. companies rose more than expected in December as the labor market remained resilient even in the face of higher interest rates, according to the ADP National Employment Report released Thursday morning.

Companies added 164,000 jobs last month, beating the 115,000 gain that economists surveyed by Refinitiv predicted. It marks the best month for job creation since August. 

The stronger-than-expected report comes in the wake of an aggressive tightening campaign by the Federal Reserve, which has hiked interest rates to the highest level since 2001.

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