"Outcomes Are Skewed Positively": Full Payrolls Preview And Market Reaction Matrix

The US is expected to add 104K nonfarm payrolls in July, a drop from the prior 147k print, but above the 80-
100k breakeven estimated by Fedʼs Barkin. The Unemployment Rate is seen at 4.2%, up from 4.1% previously, but still below the Fed year-end median projection of 4.5%, according to Newsquawk.

At his post-meeting press conference, Fed Chair Powell said that the unemployment rate is the figure to watch when looking at the labor market.