NFP (Non-Farm Payrolls)
NFP (Non-Farm Payrolls) is the monthly count of new US jobs outside farming. It usually comes out on the first Friday of the month.
How it works
The US Bureau of Labor Statistics (BLS) publishes it in the Employment Situation report, usually at 8:30 a.m. New York time. Besides NFP the report includes the unemployment rate and average hourly earnings growth. The market compares the actual number with the analysts' forecast: a big surprise causes a sharp move.
Why it matters: the job market feeds into inflation and Fed rate decisions. Strong data often lifts the dollar because it lowers the odds of rate cuts. Weak data does the opposite. But the reaction can surprise you: the market also looks at wages and at revisions to previous months.
Around the release, dollar pairs, gold, US indices and crypto all move. Spreads widen and liquidity vanishes for a few seconds. Check exact dates and times in an economic calendar: the schedule sometimes shifts, for example because of holidays.
A few minutes before the release, spreads on dollar pairs widen. After the number price can jump one way and snap back. A stop can fill with slippage during such a move.
Forecast is +150k jobs, actual is +250k. The dollar strengthens and EUR/USD drops 60 pips in a minute. If you were long EUR/USD with a 20-pip stop, it could have filled 10 to 15 pips worse than where you placed it.
Do not open a news trade with high leverage and no stop, and do not try to guess the number in advance. In the first seconds price can run through your stop with slippage and then reverse. If in doubt, close or reduce the position before the release and wait 10 to 15 minutes for spreads to narrow and the market to calm down.
Questions and answers
What is NFP in simple terms?
It is the number of new US jobs added in a month, not counting farm jobs. Traders use it to judge how strong the US economy is.
When is NFP released?
Usually on the first Friday of the month at 8:30 a.m. New York time. The date sometimes shifts, so check an economic calendar.
How does NFP affect the dollar?
A number above forecast often strengthens the dollar, below forecast often weakens it. The reaction also depends on wages, unemployment and revisions, so nothing is guaranteed.
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Updated: 2026-10-19