The July jobs report is released on Friday, August 5. Economists expect nonfarm payrolls to rise by 185,000. The Friday report will reveal whether or not June's blowout jobs number and May's much weaker-than-expected payrolls number were aberrations. The economy created 11,000 jobs in May and 287,000 jobs in June. 'We've seen a tremendous amount of volatility,' said Lindsey Piegza, chief economist at Stifel Fixed Income. 'No growth in May, a tremendous amount in June; we're looking for July to split the difference and maintain the trend pace that we've seen for quite some time.' Aside from the jobs numbers, U.S. trade deficit data for June is released at 8:30am Eastern. As for earnings, the Royal Bank of Scotland (RBS) reports second quarter results before the markets open. Analysts expect the bank to post a loss of 410 million pounds, down from the 968 million pound loss in first quarter. During the same quarter a year ago, the bank posted profit of 293 million pounds. Real estate company Brookfield Property Partners (BPY - Get Report) also reports earnings Friday morning. TheStreet's Scott Gamm reports from Wall Street.