LaborBureau of Labor StatisticsMonthly
Nonfarm Payrolls
What is Nonfarm Payrolls?
Total number of paid U.S. workers excluding farm, government, private household, and nonprofit employees.
Why it matters
The market's primary read on labor market strength.
How to read prints
When it rises
Labor market is expanding; supports tighter policy and risk-on.
When it falls
Labor market is cooling; supports rate-cut pricing and bond rallies.
Frequently asked
What is Nonfarm Payrolls?⌄
NFP measures the monthly change in U.S. employment excluding farm workers, government employees, private household employees, and non-profit employees. It is the headline U.S. jobs number.
When is NFP released?⌄
Usually the first Friday of each month at 8:30 AM ET.
What is a healthy NFP print?⌄
Above 150K is considered solid expansion; 75K is roughly breakeven with population growth; negative prints signal contraction.
How does NFP move markets?⌄
Hot prints push yields and the dollar higher, equities mixed. Soft prints rally bonds and weigh on the dollar but can lift stocks via rate-cut hopes.
Track it on Market Ontology
Monitor Nonfarm Payrolls in real time on Growth & Real Economy, alongside regime classification, transmission mapping, and cross-asset context.
| Source | Bureau of Labor Statistics |
| Frequency | Monthly |
| Category | Labor |
| FRED Series | PAYEMS |
| Unit | K jobs |
| Related Module | Growth & Real Economy |
Related indicators
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