It’s the beginning of a new month which means that the Non-Farm Payroll figures will be released this week by the US Bureau of Labor Statistics. The latest US jobs data for November will be released at 13:30 PM London time on Friday.
Why is the announcement important?
Non-Farm Payroll is one of the most closely watched indicators. It is considered the most wide-ranging measure of job creation in the United States. An increase in the non-farm payrolls would suggest rising employment and potential inflation pressure – which would mean a possible rate increase by the Federal Reserve. A decline would indicate a slowing economy – which would mean a possible interest rate cut. The measure accounts for around 80% of the workers who contribute to the Gross Domestic Product. It does not include those who work on farms and also excludes private households, non-profit workers, and government employees.
In October, the total Non-Farm payroll employment increased by 531k, above analyst forecast of 450k. The unemployment rate decreased by 0.2% to 4.6%. Most significant job gains were in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing.
Analysts are expecting 550k jobs added in November. The unemployment rate is expected to decrease further by 0.1% to 4.5%.
Non-Farm Payroll numbers since October 2020
The unemployment rates since October 2020
You can keep up to date with economic announcements and events by clicking here for our GO Markets Economic Calendar.
Source: US Bureau of Labor Statistics
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