Jobs Report (Employment Situation)

In Depth

The Employment Situation report, commonly called the "jobs report," is published by the Bureau of Labor Statistics on the first Friday of each month and is arguably the most market-moving economic release on the calendar. It combines data from two separate surveys: the household survey (Current Population Survey of 60,000 households) and the establishment survey (Current Employment Statistics survey of 670,000 worksites). The household survey produces the unemployment rate, labor force participation rate, and employment-to-population ratio. The establishment survey produces nonfarm payrolls, average hourly earnings, and average weekly hours. Markets react most strongly to the nonfarm payrolls figure, the net number of jobs added or lost, and the month-over-month change in average hourly earnings. The report also includes revisions to the prior two months, which can be significant. A strong jobs report (high payroll growth, low unemployment, rising wages) generally boosts stock markets but can push bond yields higher on expectations of tighter Fed policy. For executives, the jobs report provides the clearest monthly snapshot of labor market conditions, informing hiring plans, compensation strategies, and consumer demand forecasts.