Data through: August 2026 · updated Sep 4 · Updates: Monthly (first Friday of month)
MThe three bars show the last 3 months (end-of-month values) for this indicator, oldest left to newest right. Bar height reflects each reading relative to the other two — the tallest is the highest of the three, the shortest the lowest.
Historical context: Currently in the 100th percentile historically — near historically high (favorable) levels.
What this means right now: Job growth is healthy — the economy is adding jobs at a solid pace above the 150K threshold needed to keep unemployment stable. This is the sweet spot of strong labor demand without excessive inflationary pressure.
REVISION PROFILE first print → settled (+3y): median +19 k jobs · lean 482↑ / 335↓ of 819 · in benign months: up-lean (193 of 311) · Revisions Ledger →
Nonfarm Payrolls · Monthly · 1939–2026
Grey areas = NBER recessions · Scroll to read · zoom and pan in Expand
Monthly values
Nonfarm Payrolls — the last 12 months
Every month's reading, with the band the heatmap gives it. The chart above shows the same series in full.
Month
Value
Band
Aug 2026
+162K
Healthy reading
Jul 2026
+21K
Concerning reading
Jun 2026
+31K
Concerning reading
May 2026
+63K
Within normal range
Apr 2026
+148K
Within normal range
Mar 2026
+214K
Healthy reading
Month-end readings of the same series the chart shows, from nfp_mom. Values are the current record, not point-in-time: a month that has since been revised shows its revised value.
What is Nonfarm Payrolls?
The monthly change in nonfarm payrolls (commonly called the "jobs number" or "NFP report") measures how many jobs were added or lost in the US economy in the prior month. Released on the first Friday of each month, it is arguably the single most market-moving scheduled economic data release — capable of moving stocks, bonds, and currency markets significantly within minutes of publication.
The jobs number matters so much because employment is the engine of consumer spending (which drives 70% of GDP), a key driver of Federal Reserve policy decisions, and a real-time pulse of economic momentum. A strong jobs report can push rate cut expectations later; a weak report can accelerate them. Professional investors, economists, and central bankers watch the NFP release with extraordinary attention.
How We Color-Code Nonfarm Payrolls
Our heatmap colors each indicator based on historically significant thresholds:
Above +300K
Very strong job growth — economy adding jobs at an exceptional pace
+150K to +300K
Healthy job growth — above the pace needed to absorb new workers
+50K to +150K
Slow growth — barely keeping pace with labor force growth
When this indicator reaches extreme levels, history shows consistent patterns:
Jun 2020COVID Reopening Surge
+4.6M
The largest single-month job gain in history as economies reopened from COVID shutdowns. Context matters — this followed a -20M job loss in April 2020.
Apr 2020COVID Shutdown
-20.5M
The largest single-month job loss in history — 20 million jobs lost in one month during the COVID shutdown. The unemployment rate rose from 4.4% to 14.7% in one month.
2021-2022Post-COVID Hiring Surge
Average +500K/month for 18 months
The strongest sustained job creation in modern history — powered by reopening demand and $5+ trillion in fiscal stimulus. Eventually led to the tightest labor market since the 1960s.
Investor Checklist — Current Reading
Based on the current Nonfarm Payrolls reading of +162K (Positive):
✓Healthy job growth — supportive for consumer spending and broad equity markets
✓Maintain equity exposure — labor market health supports economic expansion
ℹMonitor wage growth within the report — it determines whether strength is inflationary
Frequently Asked Questions
Why does the jobs report move markets so dramatically?
The NFP report directly influences Federal Reserve expectations — a strong report pushes rate cut expectations later (bad for stocks with expensive valuations), while a weak report accelerates rate cut expectations (good for growth stocks). It also directly measures the economic growth engine (employment = income = spending = GDP). Few monthly releases simultaneously affect interest rate expectations, growth expectations, and consumer spending outlook as directly.
What does "consensus estimate" mean for the jobs report?
Before each NFP release, economists at major banks and research firms submit their estimates for the month's job growth. The average of these estimates is the "consensus." The market reaction depends heavily on whether the actual number beats or misses consensus — a report of +200K jobs might cause markets to rally if consensus was +150K but sell off if consensus was +250K.
How accurate is the first jobs report estimate?
The initial estimate is notoriously subject to revision. The BLS revises the two previous months' data with each new release. Annual benchmark revisions can significantly alter the picture — the 2024 annual revision reduced prior job growth by approximately 818,000 jobs, one of the largest downward revisions in recent history. Markets initially react to the first estimate, which may later be significantly revised.
Which sectors within NFP are most closely watched?
Professional and business services (high-paying jobs), leisure and hospitality (indicates consumer spending on experiences), government (less economically meaningful), manufacturing (cyclical health), and healthcare (defensive, almost always adds jobs). The composition matters as much as the headline — 300K jobs driven by healthcare and government is less economically powerful than 300K in manufacturing and professional services.
What happens to markets when jobs are much stronger than expected?
A large positive surprise typically causes bond yields to rise (pushing rate cuts further away), the dollar to strengthen, and stocks to have a mixed reaction — consumer and cyclical stocks may rise on growth optimism while rate-sensitive growth stocks may fall on rate concerns. The "good news is bad news" dynamic occurs when strong jobs data is seen as delaying Fed easing that markets had hoped for.
Trending Questions
AI context · refreshed August 30, 2026
What investors are searching about this indicator right now, answered using current news and data.
1What does the August 28, 2026 benchmark revision tell investors about the labor market?
The Bureau of Labor Statistics reported that its preliminary benchmark revision to total nonfarm employment for March 2026 was -79,000 jobs, or -0.1%. This revision does not mean the economy suddenly lost 79,000 jobs in March, but instead indicates that the level of employment in March was approximately 79,000 lower than previously estimated.
2Is the August 2026 benchmark revision surprising compared to recent history?
Every annual benchmark revision came in lower than the prior estimate, culminating in a February 2026 correction that slashed nearly 900,000 jobs from the record, but for the first time since 2022, the BLS is revising payrolls upward. However, the Bureau of Labor Statistics released its annual preliminary benchmark revision, estimating that total nonfarm employment for the year through March 2026 was overstated by 79,000, or 0.1%.
3How does this benchmark revision affect the official employment data shown now?
A final benchmark revision will be incorporated into official estimates when the January 2027 Employment Situation report is published in February 2027, and official establishment survey estimates are not updated based on the preliminary figures. The current reading of 158,858.0 thousand remains unchanged until the final revision is implemented.
4What did private sector employment see in the benchmark revision?
The Bureau of Labor Statistics reported that its preliminary benchmark revision to total nonfarm employment for March 2026 was -79,000 jobs, or -0.1%, while private-sector employment received a larger downward adjustment of 178,000 jobs, also equivalent to -0.1%.
5When will investors get the next major test of labor market strength?
The next major test will arrive with the August U.S. Employment Situation report on Friday, September 4, 2026. As the final monthly employment report before the September FOMC meeting, the non-farm data will serve as a crucial basis for assessing U.S. labor market conditions and the Federal Reserve's policy path in September.