U.S. seen maintaining solid pace of jobs growth in July

U.S employment growth likely retained enough momentum in July to help buoy the economy for the rest of the year. The recovery is on solid ground and we are expecting the data to show that in the month of July," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York. "Due to the strength in the labor market, we maintain that the weakness in economic growth in the first quarter is a one-off event and the trend in the labor market better represents the current direction of the economy," said John Silvia, chief economist at Wells Fargo in Charlotte, North Carolina. The Labor Department will release its monthly employment report, which is closely watched by financial markets around the globe, at 8:30 a.m. EDT (1230 GMT) on Friday.

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