Non-farm payrolls: what do the three numbers mean?
The monthly US jobs report comes with the headline payrolls number, the unemployment rate and average hourly earnings — and the market often reacts to the details, not the headline.
For beginners:
- which of the three do you pay attention to first?
- what are revisions, and why do they matter?
- do you trade the release or avoid it?
The non-farm payrolls guide breaks down each number and why it moves the dollar.
Background: Non-farm payrolls explained: why the US jobs report moves the dollar
The monthly Employment Situation report is one of the most traded events in currency markets. What it measures, when it comes out and why the first move often fades.
When is the non-farm payrolls report released?
Usually on the first Friday of the month at 8:30 a.m. New York time. The exact dates are on the Bureau of Labor Statistics release schedule.
What is a good NFP number?
There is no fixed level. Markets react to how the figure compares with economists' forecasts, and to revisions, wages and the unemployment rate in the same report.
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