US Non-Farm Payrolls (NFP)

What it measures

This is the count of how many jobs the US gained or lost last month, leaving out farm work and a few small groups. It comes out on the first Friday of most months and is the most watched jobs report in the world. It lands with two numbers traders treat as just as important: the unemployment rate, and how fast wages are growing.

The link to the dollar runs through the Fed. A strong jobs report means a healthy economy, which lets the Fed keep rates high to fight inflation, and high rates tend to lift the dollar. A weak report makes the Fed more likely to cut rates to protect jobs, which tends to weaken it. But the headline rarely tells the whole story: the report often revises the previous two months, and a big number undercut by large downward revisions is really a soft one. Wage growth, released at the same moment, can also flip the read, because faster pay keeps inflation alive even when hiring slows. And a clear climb in the unemployment rate is read as the job market starting to crack, which points to rate cuts and a weaker dollar.

What a higher or lower US Non-Farm Payrolls (NFP) means for the USD

A stronger-than-expected reading points to a more resilient economy or higher-for-longer rates, which tends to draw capital into the USD.

Release history

Every release of US Non-Farm Payrolls (NFP): actual vs forecast and the beat/miss outcome. Click a date for the full read of that release.

Frequently asked questions

What is US Non-Farm Payrolls (NFP)?

This is the count of how many jobs the US gained or lost last month, leaving out farm work and a few small groups. It comes out on the first Friday of most months and is the most watched jobs report in the world. It lands with two numbers traders treat as just as important: the unemployment rate, and how fast wages are growing.

What was the latest US Non-Farm Payrolls (NFP) reading?

The most recent release (Jun 5, 2026, May) came in at 172K, versus a forecast of 102.0K and a previous 179K — above expectations.

When is the next US Non-Farm Payrolls (NFP)?

The next US Non-Farm Payrolls (NFP) is scheduled for Jul 2, 2026. It is released monthly.

What happens to the USD if US Non-Farm Payrolls (NFP) is higher than expected?

An actual reading above the consensus forecast is typically bullish for the USD, while a reading below forecast is bearish for the USD. A stronger-than-expected reading points to a more resilient economy or higher-for-longer rates, which tends to draw capital into the USD.

How does US Non-Farm Payrolls (NFP) affect the USD?

The link to the dollar runs through the Fed. A strong jobs report means a healthy economy, which lets the Fed keep rates high to fight inflation, and high rates tend to lift the dollar. A weak report makes the Fed more likely to cut rates to protect jobs, which tends to weaken it. But the headline rarely tells the whole story: the report often revises the previous two months, and a big number undercut by large downward revisions is really a soft one. Wage growth, released at the same moment, can also flip the read, because faster pay keeps inflation alive even when hiring slows. And a clear climb in the unemployment rate is read as the job market starting to crack, which points to rate cuts and a weaker dollar.

Other releases