Non-agricultural employment data, known as Non Farm Payrolls in English, or NFP for short, is a statistical report released monthly by the U.S. Bureau of Labor Statistics (BLS), which mainly focuses on the number of non-agricultural employment. The employed persons counted in the non-agricultural employment data exclude agricultural workers, private household employees, non-profit organization employees and government employees. The employed persons counted in the non-agricultural employment data account for about 80% of the employed persons in the United States. Therefore, the non-agricultural employment data is the most important indicator of the health of the U.S. economy. The Federal Reserve (Fed Reserve) will track non-farm payrolls data to understand the health of the U.S. job market and use its data as one of the guiding data for adjusting monetary policy. For investors, non-farm payrolls data is one of the important indicators of the U.S. economic situation. Investors can understand the development of various industries in the U.S. and use it as one of the reference data for formulating their own investment strategies. At the same time, non-agricultural employment data will also have a direct impact on the trend of the U.S. dollar in the foreign exchange market. Usually, if the non-agricultural employment data performs well, the U.S. dollar will rise. On the contrary, if the non-agricultural employment data performs weakly, the U.S. dollar will fall quickly. The U.S. Bureau of Labor Statistics releases the report at 8:30 a.m. Eastern Time on the first Friday of every month. If it falls on a holiday, it will be released at the same time on the following Friday. Non-agricultural employment accounts for about 80% of U.S. employment, so this data can directly indicate the current employment situation in the United States and is also one of the main driving forces for market development. At the same time, when counting non-farm employment data, a number of other employment-related data will also be counted at the same time, including the unemployment rate, employment in different industries, and average hourly wages. Therefore, whether it is for government departments, investment institutions or individuals, tracking non-farm employment data can timely and accurately track the health of the U.S. economy. 1. For government departments or the Federal Reserve Tracking non-farm payrolls data can provide insight into how the U.S. economy is doing. When non-farm employment data increases, it means that enterprises and companies in different industries are adding jobs, and more and more people can obtain financial resources through work, which usually indicates that the U.S. economy is in a healthy and positive development stage. But for non-farm employment data that progresses too quickly, the Federal Reserve will take measures such as raising interest rates to help cool economic development and avoid excessive inflation. Similarly, if the non-farm payroll data is weak, it means that the number of jobs provided by companies is limited and the overall economic development will slow down, and the Federal Reserve will cut interest rates and other measures to help stimulate the economy. 2. For investment institutions or individuals The impact of non-agricultural employment data on the financial industry is mainly reflected in its impact on the stock and foreign exchange markets. Market reactions around the release of non-farm payrolls data can be very rapid, and in most cases, these reactions can be volatile. For stock market investors Investors may track the data trends of different industries in the non-farm employment data to evaluate the current development status and future trends of each industry and understand whether different industries are in the expansion or contraction stage, which can be used as reference data for formulating their own investment strategies. ’ When the industry's non-farm employment data trend increases, it means that the current housing development level of the industry is good, and investing in it is often a relatively safe investment strategy; on the contrary, if the industry's non-agricultural employment data shows a downward trend, it means that the industry's development is currently hindered due to various factors, so it is necessary to adjust the investment strategy immediately to avoid excessive losses. For Forex Investors The rise in non-farm payroll data indicates that the U.S. economy is developing well, which often leads to an increase in the value of the U.S. dollar in the foreign exchange market. On the contrary, when the non-farm payrolls data shows a downward trend, the value of the US dollar in the foreign exchange market will also start to decline. But sometimes, if the overall non-farm employment data is higher, but some detailed data, such as hourly wages and unemployment rate, are weak, the US dollar may surge rapidly in a short period of time, but then slowly return to its previous level. Therefore, investors can adjust their foreign exchange investment strategies in a timely manner before and after the release of non-farm employment data based on this situation. How are U.S. non-farm employment data calculated?
U.S. nonfarm employment data is compiled and published by the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor. 1. Statistical objects of non-agricultural employment data The number of employed people counted in non-agricultural employment data does not include the number of employed people in the following categories: Government workers: Civilian workers, employees of the Central Intelligence Agency, National Security Agency, National Imagery and Mapping Agency, and the Defense Intelligence Agency are not included in nonfarm payrolls statistics. Private households: Private household employees and domestic servants are not included in nonfarm employment statistics. Proprietors: Employed persons including self-employed persons and self-employed persons are not included in non-agricultural employment statistics. Non-profit employees: All non-profit employees are not included in nonfarm employment statistics. 2. Statistical content of non-agricultural employment data The BLS uses agency survey methods to compile non-farm employment data. The report mainly includes: The total number of nonfarm employment increases each month; The increase in non-agricultural employment according to different industry classifications; working hours; Average hourly wage. 3. Release time of non-farm employment data The BLS is released on the first Friday of each month at 8:30 a.m. ET. If a Friday falls on a holiday, the release will be postponed to the same time on the following Friday. How is China’s non-agricultural employment data calculated? At present, China does not implement statistics on non-agricultural employment data. Instead, statistics are based on total employment, employment in different industries, and employment in different regions. The statistics are conducted nationwide sample surveys twice a year, and then the survey results are published on the website of each household of the National Bureau of Statistics in April every year. The survey targets the working population over the age of 16. It includes the employed population that is not included in the U.S. non-agricultural employment statistics, such as self-employed persons, persons employed in state-owned units, etc. The survey method is for urban units to report enterprise employment registration status and implement a regular reporting system to collect data. In the survey classification, different industries refer to the primary industry, the secondary industry and the tertiary industry, respectively: The primary industry refers to industries related to breeding, planting, and cultivating biological materials, including agriculture, forestry, animal husbandry, fishery, etc. The secondary industry refers to processing and manufacturing, including mining, manufacturing, etc. This industry relies mainly on raw materials provided by nature and the primary industry for processing. The tertiary industry refers to other industries besides the primary and secondary industries, including retail, catering, finance, education, etc. Geographical classification How to query US non-farm employment data? Step 1: Enter the U.S. Department of Labor Bureau of Labor Statistics Step 2: Enter the "ECONOMIC RELEASES" column on the homepage: Step 3: Drag down the page and find “Employment Situation” Step 4: Find “Employment Situation Summary” on the Employment Situation page Step 5: After entering, you can see the summary of the latest employment report Step 6: You can also find the B-1 form on the "Employment Situation Summary" page. Step 7: After entering, you can view a more detailed non-agricultural employment data table, including year-on-year and month-on-month data. How to query China’s employment data? Step 1: Enter the official website of the National Bureau of Statistics of China: http://www.stats.gov.cn/ Step 2: Click the "Statistics" page in the menu bar above
Step 3: Click "Annual Data" in "Data Query" Step 4: You can enter the employment report release page Step 5: Click "Employed Personnel and Wages" in the left menu bar to view employment statistics according to different categories: Encyclopedia of American Brokerages U.S. Brokerage Ranking and Comparison [2024] Recommended Top 12 U.S. Brokerages More macroeconomic data What is the Federal Reserve Balance Sheet? Explore the Fed’s 24 primary dealers What is the National Financial Conditions Index? Published by the Chicago Fed What is the Buffett indicator? Buffet Indicator What is the U.S. Treasury Volatility Index? Move Index What dollar index? US Dollar Index What are bank deposit reserves? Bank Reserves What are open market operations? Open Market Operations What is the reserve balance interest rate? Interest in Reserve Balances What is the Personal Consumption Expenditure Index? PCE Price Index