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Analysts at Goldman Sachs offer a sneak peek at what to expect from today’s US July labor market report slated for release at 1230 GMT.

Key Quotes:

“Estimate nonfarm payrolls increased 205k.

The forecast reflects  lower initial jobless claims, continued strength in employment surveys and job availability measures.

While trade policy uncertainty is likely on the rise, the recent escalation may have occurred too late to meaningfully impact tomorrow’s report.

Unemployment rate … falling a tenth to 3.9%.

Average hourly earnings seen at +0.2% m/m and y/y +2.6%.”