The Canadian employment report will highlight Friday's economic releases as U.S. markets receive a first look at second-quarter nonfarm productivity and unit labour costs followed by June wholesale inventories.

At 7 a.m. EDT, Statistics Canada will release its employment report for July. The consensus expects a build of 5.0k jobs, reversing the previous month's 5.0k decline. The unemployment rate is expected to remain at 6.2%.

At 8:30 a.m. EDT, the U.S. Department of Labor will release the preliminary nonfarm productivity and unit labour costs report for the second quarter. Economists expect nonfarm productivity to rise an annualized 2.5% in the second quarter, below the previous 2.6% gain. Unit labour costs are expected to have risen 1.4% compared to the previous 2.2% gain.

At 10 a.m. EDT, the U.S. Department of Commerce will release wholesale inventories for June. Economists expect a 0.6% month-over-month rise following a 0.8% increase in May.

7:00 CA Unemployment Rate July Exp: +6.2% Prior: +6.2%

7:00 CA Net Change in Employment July Exp: +5.0k Prior: -5.0k

8:30 US Nonfarm Productivity Q2 Preliminary Exp: +2.5% Prior: +2.6%

8:30 US Unit Labor Costs Q2 Preliminary Exp: +1.4% Prior: +2.2%

10:00 US Wholesale Inventories June Exp: +0.6% Prior: +0.8%

By Erik Kevin Franco and edited by Nancy Girgis