Forex glossary
Non-Farm Payrolls (NFP)
A measure of payroll jobs outside agriculture in the BLS establishment survey, often reported as a monthly change. Someone working for multiple employers can occupy multiple counted jobs; it is neither unique people nor full-time equivalents nor the household-survey unemployment rate.
Illustrative example
How does it work in practice?
At fictional nonfarm firms, four people hold five paid jobs meeting the CES reference-period conditions because one works for two employers. The survey counts five jobs, not four unique people or five full-time equivalents.
A case to work through
Two periods in one report
A fictional report gives a new +120,000 change and revises the prior +100,000 to +80,000.
- The prior-period revision is −20,000.
- The current change remains +120,000; do not replace it with +100,000.
What follows? Record both periods and vintages separately.
Example boundary: Payrolls count jobs rather than unique people.
A useful distinction
Non-Farm Payrolls (NFP) / Unemployment Rate
NFP surveys establishments; unemployment comes from households.
Check your understanding
Separate a new payroll change from a previous revision.
Show the answer and explanation
+90,000
The current reading retains its period.
Different US labour measures
Step 3 / 8 · 0 / 8 reviewed
View the full sequence →Progress is saved only in this browser.
Read the fuller explanation
Related terms
Sources and documentation
- CES Frequently Asked Questions – BLS
Explains payroll-job counting, reference period and CES versus CPS scope.
Document read:
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.