Nonfarm Payrolls (Monthly Change) vs 2-Year Treasury Yield
Nonfarm Payrolls (Monthly Change) is currently 228K (up +111.0K). 2-Year Treasury Yield is currently 3.7% (down -0.3%).
| Metric | Nonfarm Payrolls (Monthly Change) | 2-Year Treasury Yield |
|---|---|---|
| Current value | 228K | 3.7% |
| Previous reading | 117K | 3.99% |
| Change | +111.0K | -0.3% |
| Trend | up | down |
| Frequency | Monthly | Daily |
| Source | Bureau of Labor Statistics | U.S. Treasury |
| Last updated | 2026-04-04 | 2026-04-04 |
| Category | employment | rates |
What Nonfarm Payrolls (Monthly Change) measures
Nonfarm payrolls measure the net change in employment across all sectors except farming. It is the most closely watched indicator of labor market momentum and is released on the first Friday of each month.
The economy added 228,000 jobs in March, a strong rebound from February's 117,000. Economists generally consider 150,000+ jobs per month as healthy growth. For executives, strong payroll numbers confirm consumer spending capacity and may signal the Fed will maintain or raise interest rates. Sector breakdowns reveal which industries are expanding — critical for workforce planning and market sizing.
What 2-Year Treasury Yield measures
The 2-year Treasury yield reflects market expectations for short-term interest rates over the next two years. It is the most sensitive government bond to Federal Reserve policy changes.
The 2-year yield at 3.71% — well below the current fed funds rate of 4.50% — signals that markets expect the Fed to cut rates. The wider this gap, the more aggressively markets expect easing. For CFOs, short-term borrowing costs may decline sooner than long-term rates, favoring shorter-duration financing strategies.
Frequently asked
Nonfarm Payrolls (Monthly Change) is currently 228K, up +111.0K from the previous reading. Source: Bureau of Labor Statistics, updated monthly.
2-Year Treasury Yield is currently 3.7%, down -0.3% from the previous reading. Source: U.S. Treasury, updated daily.
The economy added 228,000 jobs in March, a strong rebound from February's 117,000. Economists generally consider 150,000+ jobs per month as healthy growth. For executives, strong payroll numbers confi The 2-year yield at 3.71% — well below the current fed funds rate of 4.50% — signals that markets expect the Fed to cut rates. The wider this gap, the more aggressively markets expect easing. For CFOs