CNBC's Rick Santelli joins 'Squawk Box' to break down the latest economic data to cross the tape.

Washington

Recent US labor market data shows a slight increase in weekly jobless claims, with the latest figure at 226,000, up by 7,000 from the previous week. Despite this uptick, claims remain within a compressed range, and the labor market is described as stable. Continuing claims have now stayed above 1.9 million for eleven consecutive weeks, reaching their highest level since November 2021.

Meanwhile, non-farm productivity for the second quarter rose by 2.4%, surpassing expectations and marking the best performance since the third quarter of the previous year. Unit labor costs were marginally higher than anticipated. The data suggests a resilient labor market alongside improving productivity.

Unemployment claims slightly rise; productivity better than expected

We're just seconds away from weekly jobless claims and productivity data. Futures right now, you can see, have been strong all morning by Rick Santelli, Santelli is saying by some people think given some of the flaws with the revisions and maybe maybe jobless claims is a better is a better look since we're now suddenly we're not really trusting some of the other data and that's coming up right now. Yeah, no, I agree with that, but there's still some states that have quite a variance and probably a wide range of inaccuracy, but yes, I would agree with that generally speaking and non-farm productivity preliminary second quarter look comes in better than expected up 2.4 percent. We're looking for a number closer to 2 percent, 2.4 percent would be the best productivity level since the third quarter of 24 when it was 2.9. In the rear view mirror, we still have minus 1.5 and minus 1.5 was the weakest productivity since the second quarter of 22, so a nice rebound. If there's any revisions, I shall put them out there. Unit labor costs a smidge hotter than expected from 1.5 expectations to 1.6 is the actual number and that follows a really robust 6.6, which was the most expensive, the highest revisions. 6.6 becomes 6.9, that was the worst going all the way back to the third quarter of 22 and jobless claims for the week of August 2, 226,000 that would be up 7,000 because they revised last week to 219,000, still very well behaved. 226,000 would be the highest since the first week in July when it was 228,000. This has really been quite compressed. The last time we had 250 right on the nose was the first week in June. The last time we were above 250, you have to go all the way back to October of 24. Now, continuing claims, this is the 11th straight week above 1.9 million, very much is consolidating right in a very narrow range, 1,974,000. That's a little warmer than expected, rear view mirror, slight revision from 1,946,000 to 1,936,000, but 1,974,000 actually becomes the highest level going back to, believe it or not, November of 21. We keep going back to November of 21. We see that interest rates before this number started to drop a bit. I'm not sure exactly why. I'm not sure if anybody had the data or if there was some trade going on. I'm unaware of, but I would say that these numbers are generically pretty good. At one Eastern, we're going to have the last of $125 billion in Treasury coupon supply with $25 billion 30-year bonds. Also today, a record $100 billion of four-week T-bills. Joe, back to you.

U.S. President Donald Trump said that there is a good chance he'll meet with Russian leader Vladimir Putin soon over Russia's war with Ukraine.

Ukraine Invasion

Trump says 'good chance' he'll meet with Putin soon

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Global Tariffs

Higher U.S. tariffs officially take effect

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Hate crime charges filed in killings of Israeli Embassy staffers

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New York

Sean "Diddy" Combs' attorney says he hasn't had talks about a pardon

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Jerusalem

Middle East Conflict

U.S. Ambassador to Israel faces questions over starvation in Gaza

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U.S. begins collecting Trump's new global tariffs

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State of Rio de Janeiro

Brazil halts U.S. trade talks as Lula condemns new tariffs

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Trump imposes extra 25% tariff on India over Russian oil imports

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Fort Stewart

Five soldiers shot at Fort Stewart in Georgia; suspect apprehended

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Moscow

Witkoff, Putin had 'useful and constructive conversation'

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NASA races to put nuclear reactors on Moon and Mars

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Hiroshima

Hiroshima marks 80th anniversary since U.S. atomic bombing

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Beijing

U.S. warns travelers as cases of chikungunya increase in China

Japan has commemorated the 80th anniversary of the Hiroshima atomic bombing during World War II. Ceremonies at Peace Memorial Park honoured the victims of the 1945 nuclear attack by US forces.

Japan’s Hiroshima marks 80 years since U.S. atomic bombing

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Netanyahu reportedly wants complete Gaza takeover

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Kyiv

Zelenskyy holds 'productive talks' with Trump about war

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Deadly Titan submersible disaster was preventable, Coast Guard says

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House committee subpoenas Clintons, others over Epstein files

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Court blocks deportations under Trump's asylum ban, sources say

A man suspected of murdering four family members in Tennessee has been captured after a four-day manhunt, authorities said. CBS News' Nicole Valdes has more.

Jackson

Suspect arrested in murders of 4 Tennessee family members

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Brazil's Supreme Court orders house arrest of Bolsonaro

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Beirut

Lebanon faces renewed pressure to disarm Hezbollah

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Ottawa

Canadian military makes aid drop into Gaza

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Geneva

Strong UN treaty on plastic pollution in doubt as talks resume

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Russia downplays Trump's announcement about nuclear submarines

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White House holds firm on tariff rates ahead on Aug. 7 deadline

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U.S. envoy Steve Witkoff expected to visit Russia

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Tel Aviv-Yafo

Videos of hostages increase pressure on Netanyahu for ceasefire

Pope Leo XIV wrapped up a weekend jubilee for more than 1 million young Catholics at a Rome suburb. As a new generation from around the globe celebrated, the pope drew attention to their peers in Ukraine and Gaza who cannot.

Breakdown