What Is Nonfarm Payrolls? How to Read the US NFP Report

What is Nonfarm? Nonfarm Payrolls (NFP) — the US non-farm payrolls report — is the key employment release published every month by the U.S. Bureau of Labor Statistics (BLS).

NFP data shows how many non-farm jobs the US economy added or lost, which lets the market judge the health of the US economy and what to expect from Fed policy.

In this article you will learn:

• What NFP is and which figures it contains.
• How to read Actual – Forecast – Previous.
• The 2026 Nonfarm Payrolls release calendar.
• How NFP affects the USD, gold and forex.
• How traders follow and trade the Nonfarm release.

What Is Nonfarm? A Definition of the US Non-Farm Payrolls Report

Nonfarm (NFP) Stands for Non-Farm Payrolls

NFP measures the change in the number of non-farm jobs against the previous month.

The figure excludes several groups, including:

• Farm workers.
• The self-employed.
• Unpaid family workers.
• Private household employees.

Put simply: NFP tells you how many non-farm jobs the US labour market is adding or losing.

Who Publishes the Nonfarm Report? The U.S. Bureau of Labor Statistics (BLS)

The Nonfarm report is published by the U.S. Bureau of Labor Statistics (BLS), part of the U.S. Department of Labor.

The BLS compiles data from thousands of businesses and government agencies to assess:

• Employment.
• Unemployment.
• Wages.
• Hours worked.

Official source: U.S. Bureau of Labor Statistics

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What Does NFP Measure? Net New Non-Farm Jobs Each Month

Headline NFP tells you how much total non-farm employment rose or fell against the previous month.

For example:

• Last month: +120,000 jobs.
• This month: +200,000 jobs.

That does not mean the US created only 200,000 new jobs. It means non-farm employment rose by a net 200,000 once new hires and job losses are both counted.

As a general rule:

• NFP rising strongly → signs of a healthy labour market.
• NFP weak or negative → signs the labour market is slowing.

Even so, don’t read NFP in isolation. Read it alongside the Unemployment Rate and Average Hourly Earnings.

Why Is Nonfarm Payrolls the Most Important Release in Forex?

NFP moves forex hard because the labour market is one of the key inputs the Fed weighs when it sets monetary policy.

When NFP lands well away from forecast, the move can show up across:

• The USD.
• EUR/USD, GBP/USD, USD/JPY.
• Gold (XAU/USD).
• US bond yields.
• Equities and Bitcoin.

The chain is simple enough:

NFP → US economic expectations → Fed rate expectations → the USD, gold and forex.

That is why NFP sits in the group of economic releases with the highest impact for forex traders.

Inside the Employment Situation Report — 5 Figures You Need

When you read the US Nonfarm Payrolls report, don’t stop at the jobs number. The Employment Situation release carries five figures that matter:

The 5 Figures in the NFP Report Side by Side

How to read it quickly: take them in the order NFP → Unemployment Rate → AHE, then check the Participation Rate and U6.

The 2026 Nonfarm Payrolls Calendar and Release Time in Vietnam

Nonfarm Release Time in Vietnam (19:30 Summer / 20:30 Winter)

The BLS publishes the Employment Situation report at 8:30 AM US Eastern Time.

Converted to Vietnam time:

• While the US is on winter time (EST): around 20:30 Vietnam time.
• While the US is on summer time (EDT): around 19:30 Vietnam time.

This is where traders in Vietnam most often slip up: summer is 19:30 and winter is 20:30, not the other way round.

Re-check the calendar before each release, because the publication date can change.

Source: BLS Employment Situation Release Calendar

The 12 NFP Release Dates in 2026

According to the current BLS schedule:

Note: the table lists the releases that fall in calendar year 2026, which is why the 9 January date publishes the December 2025 data.

The Annual Benchmark Revision

The annual benchmark revision is the exercise in which the BLS reconciles NFP data against a more complete employment source to improve accuracy.

• The preliminary estimate is usually published around August–September.
• The official figures can be updated at the benchmark revision that follows.
• A large revision can change how the market reads the health of the US labour market.

Keep the preliminary benchmark distinct from the official revised NFP figures.

How to Read Nonfarm Payrolls — From the Number to the Market Impact

To read the US Nonfarm Payrolls report, look at Actual, Forecast and Previous together with the figures that come with them, such as the unemployment rate and wages.

What Is the Consensus, and Why Does It Matter?

The consensus is the market’s average forecast ahead of the NFP release.

Compare:

• Actual > Forecast: the data came in stronger than expected.
• Actual < Forecast: the data came in weaker than expected.
• Actual ≈ Forecast: the reaction usually depends on the other figures.

Three Scenarios When the NFP Release Lands

1. NFP stronger than forecast

If NFP rises, unemployment falls and AHE increases → the labour market is read as strong.

2. NFP weaker than forecast

If NFP is low, unemployment rises and AHE falls → the labour market shows signs of weakening.

3. The figures conflict

For instance, NFP is high but unemployment rises too → the market can swing violently in both directions.

Reading the 3 Main Figures Together (NFP + UR + AHE)

Prioritise three figures:

1. NFP: did employment rise or fall?
2. Unemployment Rate: did unemployment rise or fall?
3. AHE: are wages growing faster or slower?

When all three point the same way, the market’s reaction is usually clearer.

Don’t Ignore the Revisions

Beyond the current month’s NFP, check:

• Previous revision: the adjustment to the prior month’s figure.
• Benchmark revision: the larger annual reconciliation of the data.

How to read it quickly: NFP → Unemployment Rate → AHE → revisions → the reaction in the USD and gold.

How Does Nonfarm Affect the Financial Markets?

The Nonfarm Payrolls (NFP) release can move the USD, gold, bond yields and US equities sharply, particularly when the actual figure lands well away from forecast.

Impact on the USD Pairs (EUR/USD, GBP/USD, USD/JPY)

As a general rule:

• NFP stronger than forecast → the USD can rise.
• NFP weaker than forecast → the USD can fall.

Pairs such as EUR/USD, GBP/USD and USD/JPY normally react fastest.

Impact on the Gold Price (XAU/USD)

Gold usually moves opposite to the USD and to yields:

• Strong NFP → the USD and yields can rise → gold comes under pressure.
• Weak NFP → the USD and yields can fall → gold finds support.

Even so, check the unemployment rate and wages as well.

Impact on US Bond Yields and US Equities

NFP feeds interest-rate expectations:

• A strong labour market → bond yields can rise.
• A weak labour market → expectations of rate cuts can build.

Equities can react either positively or negatively, depending on whether the market is currently prioritising growth or worrying about rates.

Impact on Expectations for Fed Policy (the FOMC)

NFP → Fed rate expectations → the USD, yields, gold and equities.

So when you read the Nonfarm release, combine NFP + the unemployment rate + AHE + the reaction in the USD and yields rather than looking at a single number.

Nonfarm Compared With ADP, JOLTS and Other Labour Data

Besides Nonfarm Payrolls (NFP), traders also follow ADP and JOLTS to gauge the health of the US labour market. Each report, however, has a different purpose and scope.

What Is ADP? The Private-Sector Employment Report

The ADP Employment Report tracks employment change in the US private sector.

• Published by ADP.
• Usually released ahead of NFP.
• Useful as a reference for the employment trend.

ADP is not NFP, and it should not be used to predict NFP mechanically.

JOLTS — the Job Openings Report

JOLTS is the BLS report on labour supply and demand, covering:

• Job openings.
• Hires.
• Quits.
• Layoffs and discharges.

JOLTS gives traders a deeper read on how hot or cool the US labour market really is.

ADP, JOLTS and Official NFP Side by Side

The short version: NFP is the primary data; ADP and JOLTS should be used to add perspective on the US labour market.

How to Trade Forex on the Nonfarm Release

The Nonfarm Payrolls (NFP) release usually sends forex and gold moving hard. New traders should wait for the market to settle before entering, rather than chasing the first candle.

Before the Release — Prepare and Close Out Old Positions

Around 30–60 minutes before NFP:

• Check the release time.
• Write down Forecast and Previous.
• Identify the support and resistance zones.
• Review any open USD positions.
• Set the maximum risk for the trade.

At the Release (the First 0–15 Minutes) — Watch, Don’t Trade

The moment NFP is published, the market often produces:

• Widening spreads.
• Slippage.
• Two-way spikes.
• False breakouts.

New traders should read NFP + the Unemployment Rate + AHE first, and hold off on entering.

15–60 Minutes After — Establish the Trend

Look at:

1. Is the USD strong or weak?
2. How is gold reacting?
3. Has price broken a support or resistance zone?
4. Are the data and the price action pointing the same way?

When the signals agree, the post-NFP trend is usually clearer.

1–3 Hours After — Re-Read the Chart and Trade With the Trend

Rather than chasing price, wait for:

Breakout → retest → confirmation → enter with the trend.

Always set a Stop Loss, and only trade when the risk is proportionate.

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Summary

Nonfarm Payrolls (NFP) — the US non-farm payrolls report — is one of the most important pieces of employment data for the forex market.

When reading the Nonfarm release, concentrate on:

• NFP Actual vs Forecast.
• The unemployment rate.
• Average Hourly Earnings (AHE).
• The revisions to earlier data.
• The reaction in the USD, gold and US yields.

Rather than looking at a single number, read NFP in the context of the market and of expectations for Fed policy to judge the trend more accurately.

Frequently Asked Questions (FAQ)

What Time Is the Nonfarm Release in Vietnam Time?

The Nonfarm Payrolls (NFP) release normally lands at:

• 19:30 in summer.
• 20:30 in winter.

Check the BLS calendar before each release so you don’t get the hour wrong.

How Does the Nonfarm Release Affect the Gold Price?

As a general rule:

• Strong NFP → the USD and yields can rise → gold comes under pressure.
• Weak NFP → the USD and yields can fall → gold finds support.

Read the unemployment rate and AHE alongside it, though.

Does Nonfarm Affect Bitcoin and Crypto?

It does. NFP can change expectations for Fed rates, which in turn affects the USD, liquidity and risk appetite across the crypto market.

How Do ADP and NFP Differ?

• ADP: focuses on private-sector employment.
• NFP: the official employment report published by the BLS.

Treat ADP as a reference only, not as a reliable predictor of NFP.

What Is the Annual Benchmark Revision?

It is the exercise in which the BLS reconciles and adjusts the employment data against a more complete data source, to improve the accuracy of NFP.

Is NFP More Important Than CPI or the FOMC?

There is no fixed answer:

• NFP: reflects the labour market.
• CPI: reflects inflation.
• FOMC: decides monetary policy.

Which one carries most weight depends on the market context at the time.

Should New Traders Trade the Nonfarm Release or Avoid It?

New traders should avoid entering the moment NFP is published, because spreads and volatility can both spike.

The safer approach:

Read the data → wait for price to settle → establish the trend → manage the risk → only then consider an entry.