Preview: July non-farm payrolls lands in a worried market ...Middle East

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Preview: July non-farm payrolls lands in a worried market
What's expected:Consensus estimate +175K (LBBW at the low at +70K, Bank of American at the high at +225K)June +206K vs +190K expectedPrivate +148K estimate vs +136K priorUnemployment rate consensus estimate: 4.1% vs 4.1% priorParticipation rate: 62.6% priorPrior underemployment U6 7.4%Avg hourly earnings y/y exp +3.7% y/y vs +3.9% priorAvg hourly earnings m/m exp +0.3% vs +0.3% priorAvg weekly hours exp 34.3 vs 34.3 priorJuly jobs so far:ADP report +122K vs +150K expected and +155K priorISM services employment not yet releasedISM manufacturing employment 43.4 vs 49.3 prior (lowest since 2020)Challenger job cuts 48.8K vs 64.7K prior Philly employment +15.2 vs -2.5 prior (highest in nearly 2 y

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