Recurring applications for US unemployment benefits rose to the highest level since early February, suggesting that Americans who are losing their job are having more trouble finding a new one as the labor market shows tentative signs of cooling. Continuing claims, which include people who have already received unemployment benefits for a week or more, climbed by 62,000 to 1.7 million.

US Worker Productivity fell at a 1.3% rate from a year ago. It has now declined for three straight quarters on an annual basis. Large shifts in the composition of the workforce in the wake of the pandemic have greatly impacted how productive the American workforce is.  More proof working from home isn’t productive.

Wholesale prices of used vehicles reached their lowest level in more than a year last month, as retail sales decline amid interest rate hikes, rising new vehicle availability and recessionary fears.  Cox Automotive said their Manheim Used Vehicle Value Index, which tracks prices of used vehicles sold at its U.S. wholesale auctions, has declined 15.6% from record levels in January through November.  It marks the sixth-consecutive month of declines.