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August 3, 2012  Fri 1:16 AM CT

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Today's economic calendar will focus on the monthly Employment Situation Report and ISM non-manufacturing data.

The non-farm payroll report for July will be released at 8:30 a.m. ET. The consensus forecast calls for a gain of 100,000 jobs, up from June's 80,000. Estimates range from 70,000 to 165,000.

The national unemployment rate is expected to remain unchanged at 8.2 percent, with an estimated range of 8.1 percent to 8.3 percent.

Average hourly earnings are forecast to come in at 0.2 percent, down from 0.3 percent in the previous month and within a range of 0.1 percent to 0.3 percent. The average workweek is expected to remain unchanged at 34.5 hours.

The consensus forecast for private payroll is 110,000 jobs, a gain from 84,000 in June. Estimates range from 80,000 to 180,000.

The ISM non-manufacturing report for July is scheduled for 10 a.m. ET. The consensus projection is 52.0, down from June's 51.1, with an estimated range of 51.5 to 53.0.
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