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What the jobs report is
In the United States, the jobs report is a monthly release, traditionally on the first Friday, that summarizes the state of employment. Its headline figure is nonfarm payrolls, the number of jobs the economy added or lost during the month, excluding farm work and a few other categories.
Alongside payrolls, the report includes the unemployment rate and data on wages, giving a rounded picture of the labor market in one place.
The key numbers
Three figures get the most attention. Nonfarm payrolls show how many jobs were created or lost. The unemployment rate shows the share of the labor force without work. And average hourly earnings show how fast wages are rising, which feeds into inflation.
Labor force participation, the share of people working or looking for work, rounds out the picture by showing how many people are engaged with the job market at all.
- Nonfarm payrolls: jobs added or lost in the month
- Unemployment rate: share of the labor force without work
- Average hourly earnings: how fast wages are growing
Why it moves markets
The jobs report shapes expectations for the economy and for interest rates. Strong job growth signals a healthy economy but can also raise concerns about wage-driven inflation, while weak numbers can signal a slowdown. Because central banks weigh the labor market heavily, surprises can move stocks and bonds quickly.
That dual signal, strength versus inflation pressure, is why the market reaction to a jobs report is not always obvious.
How to read it sensibly
A single month is noisy. The figures are estimates from surveys, they are revised in later months, and seasonal adjustments can distort them, so it pays to look at the trend over several months rather than reacting to one headline.
It also helps to read past the payrolls number to the wage and participation data, which often tell a more complete story about the health of the job market.
💡 Watch revisions:Earlier months are frequently revised up or down by a meaningful amount when new data arrives. A strong headline can look very different after the next report, so treat any single number with some caution.
Frequently asked questions
What is nonfarm payrolls?
Nonfarm payrolls is the headline figure in the jobs report, showing how many jobs the economy added or lost during the month, excluding farm work and a few other categories. It is one of the most watched gauges of economic momentum.
When is the jobs report released?
In the United States, the main employment report is usually released on the first Friday of each month and covers the previous month. Its timing and importance make it one of the most anticipated economic releases.
Why does the jobs report move markets?
It shapes expectations for the economy and interest rates. Strong job growth signals health but can raise inflation concerns, while weak numbers can signal a slowdown, so surprises in the data can move stocks and bonds sharply.
What is average hourly earnings?
Average hourly earnings measures how fast wages are growing. It matters because rising wages can feed into inflation, so investors and central banks watch it alongside the payrolls and unemployment figures in the jobs report.
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