Employment Situation (Jobs Report)

What the jobs report is

The jobs report is the monthly Employment Situation release from the U.S. Bureau of Labor Statistics (BLS). It is one of the most closely watched economic reports in the world because it gives the broadest early read on the U.S. labor market, which in turn shapes the outlook for consumer spending, inflation and Federal Reserve policy.

Who publishes it and when

BLS releases the Employment Situation at 8:30 AM Eastern Time, usually on the first Friday of the month. It is not always the first Friday: the date depends on when the survey reference week falls, so the report sometimes comes out on the second Friday. Release dates are set in advance on the BLS Employment Situation page and listed on this page.

Two surveys, two pictures

The report combines two separate surveys, and much confusion comes from mixing them up.

The establishment survey (payrolls)

The Current Employment Statistics survey asks employers about their payroll records. It covers roughly 119,000 businesses and government agencies and produces:

• Nonfarm payrolls: the change in the number of jobs on employer payrolls, excluding farm work. This is the headline number.
• Average hourly earnings: a measure of wage growth, watched for its link to inflation.
• Average weekly hours: how much work each job is providing.
• Industry detail: jobs by sector, such as health care, manufacturing, construction and government.

The household survey (unemployment rate)

The Current Population Survey, conducted by the Census Bureau for BLS, asks about 60,000 households whether their members worked or looked for work. It produces:

• The unemployment rate: the share of the labor force that is jobless and actively looking for work.
• The labor force participation rate: the share of the population aged 16 and over that is working or looking.
• Broader measures, including the U-6 rate, which adds people working part time for economic reasons and those only marginally attached to the labor force.

Because the surveys count different things in different ways, they can disagree in any given month. Payrolls count jobs, so one person with two jobs counts twice; the household survey counts people, and includes the self-employed.

The numbers traders watch

Traders weigh three figures together, and the mix that matters most shifts with the economic backdrop:

1. Payrolls versus the consensus forecast.
2. The unemployment rate, especially any move of a tenth of a point or more.
3. Average hourly earnings, month over month, for inflation pressure.

Revisions to the prior two months matter as much as the new number. A strong headline paired with big downward revisions can leave the overall picture weaker than it first appears.

How revisions work

The payroll numbers are revised twice. Each monthly release updates the two previous months as more employers send in their reports, and an estimate is treated as final only after those two revisions. Seasonal factors are recalculated each month as well.

Once a year, BLS also benchmarks the payroll series to near-complete counts of jobs drawn from unemployment insurance tax records. The difference between the survey estimate and that count for March is the benchmark revision, and it can shift the level of employment for the prior year or more.

The household survey is not revised month to month in the same way; its seasonal factors are updated once a year.

How markets commonly react

The textbook reaction depends on what the market is worried about. When inflation is the concern, strong payrolls and fast wage growth tend to be read as pushing interest rates higher, lifting Treasury yields and the dollar and sometimes hurting stocks. When recession is the worry, a strong report can lift stocks because it eases growth fears. A weak report can push yields down on expectations of rate cuts, which may help or hurt stocks depending on whether the market reads it as “the Fed will ease” or “the economy is cracking”. That flip is exactly why the reaction is not dependable.

Common misreadings

• Treating payrolls and unemployment as the same thing. They come from different surveys and can diverge.
• Ignoring revisions. The prior months’ changes can outweigh the headline.
• Reading too much into one month. Sampling error on the monthly payroll change is large relative to typical monthly moves, so small differences from forecast may not be meaningful.
• Missing one-off factors. Strikes, severe weather and hiring for large events can distort a single month.

For a faster, weekly signal on layoffs, see jobless claims; for openings and quits, see JOLTS.

Frequently asked questions

What time does the jobs report come out?

At 8:30 AM Eastern Time on the release date, usually the first Friday of the month.

What is “nonfarm payrolls”?

The monthly change in the number of jobs on employer payrolls across the economy, excluding farm workers, private household employees and some other small groups. It is the jobs report’s headline number.

Why can payrolls rise while unemployment also rises?

The two figures come from different surveys. The unemployment rate also rises when more people enter the labor force to look for work, even if jobs are being added.

What is the annual benchmark revision?

A once-a-year adjustment that aligns the payroll survey with near-complete job counts from unemployment insurance records, which can change past monthly figures.

Explainer updated November 13, 2026.