Goldman Sachs Research previews the US June jobs report due on Thursday.

"We expect a 130k increase in payrolls in June (vs. 115k consensus), boosted by two special factors. We estimate that the World Cup boosted payroll growth by 40k.  A positive June initial print bias centered on state and local government educational services could provide a large boost too (the category has printed 45k higher in the first release than in the third on average over the last 3 years)," GS notes.

"We expect an unchanged unemployment rate at 4.3%, reflecting the stabilization in continuing claims.  Our slack tracker—a composite of ten indicators of labor market strength—is higher at 4.8%. We forecast a 0.2% increase in average hourly earnings, reflecting negative calendar effects.  Our wage growth tracker has fallen to 3.3% year-over-year, below the 4% rate compatible with 2% inflation," GS adds.