The Labor Department reported that <strong>initial jobless claims</strong> jumped last week, signaling a significant cooling in labor demand. The increase came even as jobless claims dropped in Florida, where it is still too early to assess the damage from Hurricane Ian. Claims are expected to climb in Florida once offices are reopened in flood impacted areas. Claims in regular state programs increased 29,000 to 219,000 for the week ending October 1st, after reporting a downwardly revised 190,000 initial claims the prior week. The four-week moving average edged higher to 206,500 from 206,250 the prior week. The total number of people continuing to receive regular ongoing state benefits, a report which is lagged one week, increased 15,000 to 1.361 million for the week ending September 24th.

Watch Stephens Analyst and Managing Director, Daniel Imbro on CNBC Power Lunch discuss the cooling used car market impact on buyers' prices and dealer profits.

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The Labor Department reported that <strong>initial jobless claims</strong> dropped to a five-month low indicating the labor market continues to show strength as employers hold onto their workers. Labor is still very hard to find, so firms are holding on to people who under normal conditions would have been laid off. Claims in regular state programs decreased 16,000 to 193,000 for the week ending September 24th, after reporting a downwardly revised 209,000 initial claims the prior week. The four-week moving average dropped to 207,000 from 215,750 the prior week. The total number of people continuing to receive regular ongoing state benefits, a report which is lagged one week, decreased 29,000 to 1.347 million for the week ending September 17th.

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