March 2026
+178K
Jobs added (000s)
above +60K consensus
Unemployment Rate
4.3%
U-3, seasonally adj.
unchanged MoM
Avg Hourly Earnings
+3.5%
YoY, all employees
vs. +3.8% prior
Labor Force Part.
61.9%
Participation rate
little changed MoM

Data

MonthNFP Change (000s)Unemployment Rate (%)Avg Hourly Earnings (YoY%)
Q1 2026684.3+3.5%
Q4 2025-394.4+3.7%
Q3 2025234.4+3.8%
Q2 2025344.1+3.9%
Q1 2025204.2+4.2%
Q4 20241354.1+4.1%
Q3 2024724.1+3.9%
Q2 2024764.1+3.9%
Q1 20242033.9+4.1%
Q4 20231473.8+4.1%

About this Dataset

The Bureau of Labor Statistics’ Current Employment Statistics (CES) program, commonly known as the Nonfarm Payrolls report, is the most closely watched economic indicator in the United States. Released on the first Friday of every month, it provides a comprehensive snapshot of US labour market conditions.

  • Survey scope: ~141,000 businesses and government agencies, representing approximately 629,000 worksites
  • Coverage: ~80% of all nonfarm payroll workers in the US
  • Release schedule: First Friday of each month, 8:30 AM ET, for the prior month
  • Revisions: Prior two months are revised with each release; annual benchmark revisions each March

The report encompasses both private sector and government employment, broken down by industry. Key companion series — unemployment rate (U-3), underemployment rate (U-6), average hourly earnings, average weekly hours, and labour force participation — make this one of the richest single data releases in economic statistics.

Frequently Asked Questions

The NFP report is released on the first Friday of every month and is considered the single most market-moving data release in the US. It directly informs the Federal Reserve's dual mandate (maximum employment + price stability), so surprises shift expectations for interest rate changes. A strong print often lifts equities and the USD while pressuring Treasury bonds; weak prints do the reverse. The report also includes unemployment rate, average hourly earnings, and average weekly hours — a comprehensive snapshot of labour market health.
NFP comes from the establishment (payroll) survey, which asks businesses how many workers they paid during the reference period. The household survey (from which the unemployment rate is derived) asks individuals about their employment status. The two surveys can diverge in the short term because they cover different populations and use different methodologies. Self-employed workers appear in the household survey but not in NFP.
NFP is a primary input to Fed policy models, making it essential for fixed income positioning and rate derivatives. Systematic macro funds use NFP surprises as signals. Private equity and growth equity investors use labour market strength as a proxy for consumer spending resilience. Credit analysts monitor payroll growth as a leading indicator of corporate debt serviceability.