Fundamental analysis · Intermediate

Employment Data and Non-Farm Payrolls

A 1-minute lesson from the MarketPro academy, one of 24 in fundamental analysis.

Last reviewed 15 September 2026 by the MarketPro research desk · Editorial policy

Short answer

Employment data offers one of the clearest real-time signals of economic health, and in the United States, the Non-Farm Payrolls (NFP) report is among the most closely watched releases on the calendar. NFP measures the net change in jobs across most sectors of the economy, excluding farm work, some government categories, and a few other exclusions.

NFP measures the net change in jobs across most sectors of the economy, excluding farm work, some government categories, and a few other exclusions. It is released monthly alongside the unemployment rate and average hourly earnings, giving a fuller picture of not just how many jobs were added, but how fast wages are growing.

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Job growth above expectations can signal a strengthening economy, though very strong growth can also raise concerns about inflation and future rate hikes.
Unemployment rate tracks the share of the labor force actively seeking work without a job.
Wage growth feeds into inflation expectations, since rising pay can support higher consumer spending and prices.

Because employment data is tied closely to central bank mandates, NFP releases often produce sharp, short-term volatility across currencies, indices, and rate-sensitive assets. The data is also subject to revision in later reports, meaning the initial headline figure is an estimate that can be adjusted as more complete information becomes available.

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