Job openings and labor turnover surprises to downside

Labor Market - Job openings in July came in at 7,181,000, lower than the expected 7,400,000, marking the smallest job openings number since the end of 2020 [1] Factory Orders - Factory orders for July met expectations at -13%, the strongest number since May [2] - Factory orders excluding transportation also met expectations, up 610 [2] Durable Goods - Final durable goods orders for July remained at -28%, a weak number [3] - June durable goods orders were -94%, the worst since April 2020, following a 165% increase prior to that, the best since 2014, indicating a tug-of-war possibly related to tariffs [3][4] - Transportation orders excluding air decreased from 11% mid-month to 1% [4] - Capital good orders non-defense excluding air, a proxy for capital spending, remained at 11%, the best number since May when it was up almost 2% [4][5] - Shipments were about 07% (3/4 of 1%), consistent with the mid-month read [5] Bond Market - The 10-year Treasury yield is hovering around 422%, down four basis points, and the 2-year Treasury yield is at 361%, down three basis points [5] - The 10-year Treasury yield has been in a consolidated range between 420% and 433% [6]