Next Friday (August 7), the U.S. will release its July nonfarm payrolls report. This will be the first full set of employment data following the FOMC’s decision to hold rates steady at its July meeting, and its strength or weakness will determine how the market prices in the Fed’s interest rate path for September. Ahead of that, the U.S. July ADP employment report (August 5) and initial jobless claims (August 6) will provide leading indicators, while the ISM Manufacturing PMI (August 3) and Non-Manufacturing PMI (August 5) will also paint a comprehensive picture of economic conditions in July.