The jobs report for July, the most-watched economic release of any month, and another wave of earnings reports will keep Wall Street occupied in the coming week.

With this onslaught of information, so too will come whipsaw action in the markets, Jim Davis, regional investment manager for the Private Client Group of U.S. Bank, told TheStreet.

"Earnings season continues and we will get a clearer reading of the economy as several key indicators will be released," he said. "This likely will contribute to market volatility."

Hold in there, though. The current market is still favorable for those invested in stocks.

"Our take is that we remain in a slow-growth, low-rate environment," he added. "We believe that U. S. equities deserve a look from an income perspective, and that while risks are elevated and valuations extended, the fundamental backdrop for equities remains supportive of prices."

The closer look at the labor market begins on Tuesday with the release of personal income and outlays for June. Wednesday will see the release of the ADP National Employment Report before the bell. 

Then on Friday, the official jobs number from the Labor Department will be released. Economists expect the pace of jobs growth in July to slow after a blockbuster gain in jobs added to the U.S. economy in June. TD Securities analysts expect 188,000 jobs to have been added, while the unemployment rate will likely hold at 4.9%. The U.S. economy added 287,000 jobs in June. 

Also on the economic calendar in the coming week: the ISM Manufacturing Index for July and construction spending for June will be released on Monday; international trade for June will be released on Friday. 

In the upcoming week, key earnings to watch include Broadsoft (BSFT) and AMC Entertainment (AMC) - Get Report on Monday; Fitbit (FIT) - Get Report , Pfizer (PFE) - Get Report  and Seagate (STX) - Get Report on Tuesday; AIG (AIG) - Get Report , Time Warner (TWX)  and Twenty-First Century Fox (FOXA) - Get Report on Wednesday; and Kellogg (K) - Get Report , LinkedIn (LNKD)  and Priceline (PCLN) on Thursday. 

As of Friday, 62% of S&P 500 companies have reported earnings so far this season. Blended quarterly earnings are expected to decline 3.7% this quarter, the fifth quarterly decline in a row and the longest losing streak since the financial crisis. Analysts expected a decline heading into the season though, slashing both earnings and revenue estimates. So far, 70% of those companies which have reported this season have exceeded earnings estimates, according to Thomson Reuters.