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Economic Preview: July jobs report: Will it be dazzling, ugly or more in line?

The number of new jobs the economy is creating has alternated between Jekyll and Hyde in the government’s last two employment reports. Dazzling in June and ugly in May.

Wall Street is figuring on a less dramatic number in July.

Economists surveyed by MarketWatch predict the U.S. added 185,000 new jobs last month, enough to nudge the unemployment rate a touch lower to 4.8%.

Here’s what to watch in Friday’s jobs report:

The law of averages

Neither the 287,000 gain in new jobs in June and the measly 11,000 increase in net hiring in May are really reflective of what’s going on in the U.S.

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