*** Friday's payroll estimate.......>

US DATA PREVIEW: *** Friday's payroll estimate review:

- Credit Suisse expects jobs to "slow modestly to 185k in July after coming in

above 200K in the past two months. Wage growth has been gradually accelerating

and we expect average hourly earnings to increase 0.3% MoM. This would keep the

YoY growth rate unchanged at 2.7%. We expect the unemployment rate to tick down

to 3.9%." 

- Nomura economists "expect a gain of 195k in July nonfarm payroll employment,

tightening the labor market further, with a 190k contribution from private

employers and a 5k gain from government."

- RBC Capital Markets economists said there's "no reason to think July nonfarm

payroll growth will deviate significantly from the recent trend of about 200k."

Meanwhile, "look for the unemployment rate to tick down as we re-calibrate the

participation rate following an outsized increase last month."