All Employees, Total Nonfarm
PAYEMSLatest Value
Date: 2026-05-01
Data Count
1049recordsData from FRED source
Basic Info
Country: US
Frequency: monthly
Source: FRED
Next Release
07/14 12:30 JSTPeriod: Jun
Trend Chart (Line)
Historical Trend Data
| Date | Value (thousands) | MoM (Change) | YoY (Change) | 3-Month MA |
|---|---|---|---|---|
| 2026-05-01 | 159,001 | +0.17% | +0.32% | 158,786 |
| 2026-04-01 | 158,736 | +0.07% | +0.16% | 158,597.67 |
| 2026-03-01 | 158,621 | +0.12% | +0.15% | 158,549.67 |
| 2026-02-01 | 158,436 | -0.10% | +0.08% | 158,486.67 |
| 2026-01-01 | 158,592 | +0.10% | +0.20% | 158,491 |
| 2025-12-01 | 158,432 | -0.01% | +0.07% | 158,429.67 |
| 2025-11-01 | 158,449 | +0.03% | +0.23% | 158,468.33 |
| 2025-10-01 | 158,408 | -0.09% | +0.29% | 158,476 |
| 2025-09-01 | 158,548 | +0.05% | +0.40% | 158,520.67 |
| 2025-08-01 | 158,472 | -0.04% | +0.45% | 158,497.33 |
| 2025-07-01 | 158,542 | +0.04% | +0.50% | 158,506 |
| 2025-06-01 | 158,478 | -0.01% | +0.50% | 158,487 |
| 2025-05-01 | 158,498 | +0.01% | +0.56% | 158,453.33 |
| 2025-04-01 | 158,485 | +0.07% | +0.61% | 158,390.67 |
| 2025-03-01 | 158,377 | +0.04% | +0.58% | 158,318.33 |
| 2025-02-01 | 158,310 | +0.03% | +0.68% | 158,298 |
| 2025-01-01 | 158,268 | -0.03% | +0.79% | 158,221 |
| 2024-12-01 | 158,316 | +0.15% | +0.93% | 158,113.33 |
| 2024-11-01 | 158,079 | +0.08% | +0.88% | 157,978.67 |
| 2024-10-01 | 157,945 | +0.02% | +0.87% | 157,871.33 |
| 2024-09-01 | 157,912 | +0.10% | +0.96% | 157,805.67 |
| 2024-08-01 | 157,757 | +0.01% | +0.96% | 157,733.33 |
| 2024-07-01 | 157,748 | +0.03% | +1.09% | 157,683.67 |
| 2024-06-01 | 157,695 | +0.06% | +1.16% | 157,611 |
| 2024-05-01 | 157,608 | +0.05% | +1.25% | 157,534.67 |
| 2024-04-01 | 157,530 | +0.04% | +1.39% | 157,411.33 |
| 2024-03-01 | 157,466 | +0.15% | +1.50% | 157,245.33 |
| 2024-02-01 | 157,238 | +0.13% | +1.40% | 157,042.33 |
| 2024-01-01 | 157,032 | +0.11% | +1.46% | 156,864 |
| 2023-12-01 | 156,857 | +0.10% | +1.63% | 156,712 |
| 2023-11-01 | 156,703 | +0.08% | +1.60% | 156,565.33 |
| 2023-10-01 | 156,576 | +0.10% | +1.71% | 156,418 |
| 2023-09-01 | 156,417 | +0.10% | +1.85% | 156,240.33 |
| 2023-08-01 | 156,261 | +0.14% | +1.89% | 156,061.33 |
| 2023-07-01 | 156,043 | +0.10% | +1.94% | 155,859.33 |
| 2023-06-01 | 155,880 | +0.14% | +2.31% | 155,636.67 |
| 2023-05-01 | 155,655 | +0.18% | +2.46% | 155,388 |
| 2023-04-01 | 155,375 | +0.16% | +2.47% | 155,191.67 |
| 2023-03-01 | 155,134 | +0.04% | +2.52% | 154,992 |
| 2023-02-01 | 155,066 | +0.19% | +2.81% | 154,728 |
| 2023-01-01 | 154,776 | +0.28% | +3.18% | 154,453.33 |
| 2022-12-01 | 154,342 | +0.06% | +3.02% | 154,174.33 |
| 2022-11-01 | 154,242 | +0.20% | +3.36% | 153,921 |
| 2022-10-01 | 153,939 | +0.23% | +3.61% | 153,627.67 |
| 2022-09-01 | 153,582 | +0.14% | +3.93% | 153,338.67 |
| 2022-08-01 | 153,362 | +0.19% | +4.11% | 152,930.67 |
| 2022-07-01 | 153,072 | +0.47% | +4.30% | 152,451.33 |
| 2022-06-01 | 152,358 | +0.29% | +4.48% | 151,968.33 |
| 2022-05-01 | 151,924 | +0.20% | +4.73% | 151,620.67 |
| 2022-04-01 | 151,623 | +0.20% | +4.87% | 151,254.33 |
| 2022-03-01 | 151,315 | +0.32% | +4.91% | 150,715.33 |
| 2022-02-01 | 150,825 | +0.55% | +5.19% | 150,215.67 |
| 2022-01-01 | 150,006 | +0.13% | +5.00% | 149,684 |
| 2021-12-01 | 149,816 | +0.39% | +5.10% | 149,206 |
| 2021-11-01 | 149,230 | +0.44% | +4.55% | 148,524.33 |
| 2021-10-01 | 148,572 | +0.54% | +4.29% | 147,885.67 |
| 2021-09-01 | 147,771 | +0.31% | +4.23% | 147,282.33 |
| 2021-08-01 | 147,314 | +0.38% | +4.61% | 146,632 |
| 2021-07-01 | 146,762 | +0.65% | +5.39% | 145,882.33 |
| 2021-06-01 | 145,820 | +0.52% | +5.92% | 145,157.33 |
About Indicator
Explanation
What is Non-Farm Payrolls (PAYEMS)?
Non-Farm Payrolls measures the monthly change in the number of employed people in the US, excluding the agricultural sector. Released on the first Friday of every month, it is one of the most closely watched economic indicators by investors worldwide.
Viewpoints on this Indicator
The net change from the previous month and how it compares to market expectations are critical. It should be analyzed in conjunction with the Unemployment Rate and Average Hourly Earnings. Strong job growth tends to lead to higher interest rates and a stronger dollar, while weak growth often leads to lower rates and a weaker dollar.
Importance
HighView Details
Deep Dive
This indicator acts as the primary thermometer of the US economy. When businesses add jobs, it suggests economic resilience and a high likelihood of active consumer spending.
The Federal Reserve (Fed) prioritizes stable prices and maximum employment. If payroll growth is exceptionally strong, inflation may persist, reducing the urgency for rate cuts. Consequently, US Treasury yields tend to rise, supporting a stronger dollar and potentially putting pressure on the stock market in the short term.
Conversely, a sharp decline in payrolls raises concerns about a recession, prompting the Fed to consider rate cuts. While this may lower yields and support equities, severe economic weakness can trigger earnings concerns and lead to stock declines.
Key Checkpoints in Data
Key Checkpoints
- Whether the net change beat or missed consensus expectations.
- If the 3-month moving average indicates sustained employment momentum.
- Whether previous months' figures were revised upward or downward.
- If the payroll trend is consistent with shifts in the Unemployment Rate and Participation Rate.
- If there are signs of wage inflation when paired with Average Hourly Earnings growth.
Connection with Associated Indicators
Why Look at Associated Indicators Together
| Associated Indicator | Why to Look Together |
|---|---|
| Unemployment Rate | To verify if the unemployment rate is deteriorating due to changes in the labor force population even if payrolls increase. |
| Average Hourly Earnings | To confirm if job growth is accompanied by wage inflation, helping measure overall inflation pressure. |
| Labor Force Participation Rate | To assess the qualitative strength of the job market based on the ratio of active job seekers. |
One-Line Summary for Beginners
Non-Farm Payrolls is the most crucial indicator for measuring US economic health, but it must be analyzed alongside the Unemployment Rate and Average Hourly Earnings to understand the true strength of the job market.
Last Fetched: 6/5/2026, 6:34:22 PM