US markets face several other readings beyond the key payrolls report.
ISM readings on the manufacturing (Monday) and service (Wednesday) sectors will provide fresh survey-based evidence on growth, supply chain challenges and inflationary pressures in updates for July.
The June trade deficit probably narrowed to just under US$80 billion (Thursday) given advance merchandise figures and an assumed fairly stable services surplus. That could reverse this year’s deterioration and put it back toward December’s level partly as oil prices have pulled off their peak.
Factory orders (Wednesday) should follow the 1.9% jump in durable goods orders at a more moderate pace given the prior month’s large jump in nondurables that might be hard to repeat.
Vehicle sales are expected to post a modest rise in July’s tally on Tuesday based upon industry guidance.
JOLTS job openings and quit rates during June could offer further insight into payrolls (Tuesday) and so could Thursday’s weekly claims.
About 150 S&P500 firms will release earnings but this phase of the earnings season is transitioning away from the knock-out punches. Loews, Caterpillar, Moderna and Starbucks will be among the names.