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The Barclays Research Team is out with a brief preview on Friday’s US labor market report for the month of July that will be published at 1230 GMT.

Key Quotes:

“July employment report, we look for nonfarm payrolls to rise 175k and private payrolls to increase 160k.

This would represent some modest slowing from the recent trend pace of hiring and, in our view, could reflect increasing concerns over protectionism

We expect the unemployment rate to decline 0.1pp, to 3.9%, and average hourly earnings to increase 0.3% m/m and 2.7% y/y

Finally, we forecast an unchanged work week at 34.5 hours.”