HERE COMES THE JOBS REPORT

At 8:30 AM ET, the July Jobs Report will come out.

There are high expectations for this number, as a lot of strong numbers have been coming out, including this week's ADP jobs report, initial jobless claims, and the employment sub-indices of various regional manufacturing reports.

The number is also of significant consequence, as there is a lot of interest in both what the Fed will do, and also whether the economy is finally reaching "escape velocity."

Here are the official expectations from Wall Street:

• New jobs: 185K
• New private jobs: 195K
• Unemployment Rate: 7.5%
• Hourly earnings +0.2%

Going into the number, US futures are a tad higher, gold is getting whacked, and 10-year rates are higher.