What are nonfarm payrolls (NFP)?
In one line: Nonfarm payrolls, or NFP, is the monthly change in the number of US jobs, excluding farm workers and a few other groups, reported by the BLS.
A simple example
Each month the Bureau of Labor Statistics (BLS) surveys employers and counts jobs. The headline is the change from last month.
Say the number of payroll jobs went from 159,200,000 to 159,350,000.
- NFP = 159,350,000 − 159,200,000 = +150,000 jobs.
A negative number means jobs were lost. "Nonfarm" means it leaves out farm workers. It also leaves out the self-employed and people working in private homes.
It comes in the Employment Situation report, usually on the first Friday of the month at 8:30 am ET. The same report includes the Unemployment rate and wage growth.
Why it matters
Jobs drive spending, and spending drives the economy. So NFP is one of the most watched numbers in the world.
- Much stronger than forecast: can push rate expectations up and lift the US dollar.
- Much weaker than forecast: can do the opposite, raising hopes of rate cuts.
The FOMC watches it closely. Markets react to the surprise vs the forecast, and to wage growth, not just the headline. Our NFP guide breaks down the whole report.
A common mistake
Trading the first second after the release. Prices often spike one way, then reverse within minutes. Spreads widen and Slippage gets bigger.
The previous two months are revised in every report. A "beat" on the headline can come with big downward revisions, and markets may react to those instead.
Many beginners stay flat into the number, or wait 15–30 minutes. Our economic calendar guide shows how to plan the week around it.
Questions
What time is the NFP report released?
Usually 8:30 am ET on the first Friday of the month. Dates can shift, so check the BLS schedule or an economic calendar.
What is a good NFP number?
There's no fixed "good" figure. Markets compare it with the forecast, and with how many jobs the economy needs to keep up with population growth.
Why is it called nonfarm?
Farm jobs swing a lot with the seasons, so they're left out to give a steadier read on the rest of the economy.
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