Tomorrow’s employment report is an important one. After a disappointing report in June when the jobs lost increased unexpectedly, this report is going to be watched closely to see if the trend has turned positive again.

David Leonhardt notes in an article in the New York Times that it’s important to pay attention to the trend. The May and June numbers will be revised, so look at those new numbers along with the initial numbers for July to see if there is a defined direction. The unemployment rate that will also be announced is less important than the trend.

Cross your fingers and hope that the number comes in around the 350,000 loss that most are projecting. Anything larger would be a big negative.