What Is the Nonfarm Payrolls Report?

Nonfarm payrolls count how many jobs US employers added or lost in a month, excluding farm workers, private households and some non-profits. The Bureau of Labor Statistics usually publishes it on the first Friday of each month, alongside the unemployment rate and wage growth.

Why it matters for investors

A strong jobs number signals a healthy economy but can raise fears that the Fed will keep rates high. A weak number can raise recession worries but also hopes of rate cuts. Markets react to the surprise versus forecasts, not the raw number.

Common questions

Why are payroll numbers revised?

Early estimates use incomplete survey responses. As more employers report, the figures for the previous two months are revised.

What is a good payroll number?

It depends on population growth; economists often see roughly 100,000 to 150,000 new jobs a month as keeping pace with the labor force.