Nonfarm Payrolls

## What this measures

This measures the total number of paid U.S. employees excluding farm workers, private household employees, proprietors, the unincorporated self-employed, and unpaid volunteers. The series is seasonally adjusted and expressed in thousands of persons.

## Why it matters

Changes in nonfarm employment signal whether businesses are hiring or contracting, which affects consumer spending, supplier demand, and the availability of labor. Because employment accounts for approximately 80 percent of workers who contribute to GDP, movements in this series offer an early view of economic momentum. Rising employment increases household incomes and spending power, while declining employment may indicate tightening business conditions.

## How to read it

A rise means more people are employed, typically reflecting business expansion and economic growth. A fall suggests job losses and potential economic slowing. Compare the current level to prior months to identify hiring trends, keeping in mind that the Bureau of Labor Statistics adjusts the data to remove seasonal effects.

## What it does not say

This series does not capture self-employed individuals, farm workers, or unpaid labor, and it does not distinguish between full-time and part-time positions or provide detail on wages or job quality.

## Source

The Bureau of Labor Statistics publishes the All Employees, Total Nonfarm series (PAYEMS) monthly. Palanor pulls this series from the FRED API (Federal Reserve Bank of St. Louis) nightly.