Employment
The Federal Reserve's dual mandate describes "pursuing the economic goals of maximum employment and price stability." FOMC decisions are informed by measuring their progress towards reaching targets in both inflation and US employment data.
Non-Farm Payrolls (NFP)
NFP measures overall change in US employed persons compared to the prior month.
This data is the most widely followed labor metric, and is reported within the monthly Employment Situation report.
When and where?
Monthly report, issued by the US Bureau of Labor Statistics
Released on the first Friday of the month. References prior month's data.
Job Openings and Labor Turnover Survey (JOLTS)
JOLTS is an employment metric, which measures US labor numbers for job vacancies, hirings, and separations.
This data assists in understanding labor demand and turnover in the labor force.
When and where?
Monthly report, issued by the US Bureau of Labor Statistics
Released typically in the first week of the current month. References data ending at the start of the prior month.
Labor Force Participation Rate
The Labor Force Participation Rate (LFP) measures the proportion of the working-age population that is either employed or actively seeking employment.
The Labor Force Participation rate derives from the formula : (Number of employed people + the officially unemployed) divided by (Civilian non-institutionalized population)
When and where?
Monthly report, issued by the US Bureau of Labor Statistics
Released on the first Friday of the month. References prior month's data.
Average Hourly Earnings
Average Hourly Earnings are released alongside NFP data in the monthly Employment Situation report.
This metric follows the monthly change in US employment compensation.
While this measure is an employment reading, it's considered a leading indication of inflation as labor costs can be partially be attributed to changes in consumer prices.
When and where?
Monthly report, issued by the US Bureau of Labor Statistics
Released on the first Friday of the month. References prior month's data.
Unemployment Rate
The Unemployment Rate measures the percentage of the US labor force which is unemployed and actively seeking employment.
When and where?
Monthly report, issued by the US Bureau of Labor Statistics
Released on the first Friday of the month. References prior month's data.