Heading into tomorrow’s Non Farm Payrolls (NFP) report for July, economists are expecting an increase in payrolls of 180K, which would be a big decline from last month’s huge upside surprise reading of 287K.  In the private sector, economists are expecting an increase of 171K, which would be a similar decline to what economists are forecasting for the overall NFP reading.  The unemployment rate is forecasted to tick back down to 4.8% after moving up to 4.9% last month.  Growth in average hourly earnings is expected to accelerate back up to 0.2%, while hours worked is forecast to remain unchanged at 34.4.  June’s employment report was a big positive surprise for the market and economists after the big disappointment in May, so hopefully now that those two have evened each other out, we will return back to levels more inline with the overall trend.

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