What is the jobs report, and why does Wall Street watch it so closely every month?

Once a month the U.S. Bureau of Labor Statistics (BLS) publishes the "Employment Situation" report, usually just called the jobs report. It comes from two surveys: one of employers, which counts how many jobs were added or lost (the "nonfarm payrolls" number, which leaves out farm workers), and one of households, which gives the unemployment rate. The October report is due this Friday, Nov. 6, at 8:30 a.m. Eastern time (10:30 p.m. Korea time).

Markets often react less to the number itself and more to how it compares with what economists expected. In September, payrolls rose by 29,000 and unemployment ticked up to 4.2%, while economists surveyed by Dow Jones had looked for 84,000 jobs and 4.1%. Traders read jobs data for clues about the economy and about what the Federal Reserve might do with interest rates. One more tip: earlier months get revised. In that same report, August's gain was revised to 133,000 and July's to a loss of 10,000, so the first number you see isn't always the final word.

If you're new, it helps to know when big reports come out so a sudden burst of price movement doesn't catch you off guard. Got a question about the jobs report, or any other economic number in the headlines? There are no silly questions here, so drop it below.

Sources: U.S. Bureau of Labor Statistics, The Employment Situation, September 2026; CNBC, September 2026 jobs report (Oct. 2, 2026); CNBC, week-ahead calendar for Nov. 2-6, 2026 (Oct. 30, 2026).