CNBC's Rick Santelli joins 'Squawk on the Street' to discuss the latest economic data to cross the tape.

US job openings, as measured by the Job Openings and Labor Turnover Survey (JOLTS), have dropped to 7.18 million, marking the lowest level since December 2020. This figure came in below expectations, prompting a decrease in yields across the curve. Factory orders for July matched expectations with a decline of 1.3%, while durable goods orders remained weak at minus 2.8%, consistent with previous readings. Capital goods orders, excluding defense and aircraft, held steady at 1.1%, and shipments rose by 0.7%. The report highlights a continued tug of war in the manufacturing sector, with some stabilization after recent volatility.

Job openings and labor turnover surprises to downside

Santelli. Hey, Rick. Hi, Carl and D, you are watching yields move lower on the curve, and that is primarily because job openings and labor turnover known as jolts comes in on the light side, expecting a number close to 7.4 million. This is a July read, comes in 7,181,000. That would be the smallest job openings number going all the way back to Dec of 2020. Now, if you look at factory orders for July, comes in exactly as expected at minus 1.3, which is actually the strongest number since it was positive in May at over 8%. There is a revision in the review. No, no revisions yet. Factory orders X trans up six tenths, also exactly as expected. Now, when we get to durable goods, these are final reads. We had mid month reads. So minus 0.6, positive 0.6, excuse me, remains positive 0.6. That was in the factory orders. Durable goods, minus 2.8, stays at minus 2.8. And what's interesting about minus 2.8 is that is a very weak number. What we've noticed is there's a big tug of war that was going on in durables. He had minus 2.8 on our final July read. If you look at June, it was minus 9.4. That was worse going all the way back to April of 2020. Then prior to that, he had a whopping 16.5. That was the best since 2014. So the tug of war going on with tariffs and all the issues is finally starting to settle back just a bit. Now, if you look at X transportation, we lost a tenth from 1.1 mid month to 1%. And if we look at capital good orders, non-defense X era proxy for capital spending, it remains at 1.1%. And that's a pretty good number. That would be the best number going back to May when it was up almost 2%. And finally, if we switch from orders to shipments, 0.7. So about three quarters, 1%. And that's exactly where it was on the mid month read. As I pointed out, we are now hovering around 422 in a 10 year. That would be down four basis points, 361 in a two year. That's down three basis points. And I know that everybody, of course, is talking about the long bond, whether it's in this country, in the UK, in Japan, because deals are moving up. Many want to blame it on what's going on with the Fed and Lisa Cook. Listen, I've been looking at these markets a long time. It's an arbitrage with many of these other overseas 30 years, but 30 year isn't the benchmark. Look at 10 years. 10 years have been in a squashed range. Don't see any movement in there based on this notion of Fed independence loss. It's actually been quite in a consolidated range on a closing basis between 420 and 433. Sarah, back to you. Okay, thanks, Rick.

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Breakdown