US back-month job estimates expected to be marked down slightly

Comparatively modest adjustments are pointed out to previously posted job gains in June and July in Friday's report. 

Using the statistical model's in-sample estimates as guides, it would not be surprising to see June's payroll increase pared by 26,000 to 205,000, while July's 215,000 rise is boosted to 230,000. 

"Echoing the July report, the absolute magnitude of the cumulative adjustment is expected to be quite small", says Societe Generale.