Two numbers, two surveys
- Nonfarm payrolls come from a survey of employers. The headline is the monthly change in jobs, seasonally adjusted, reported in thousands.
- The unemployment rate comes from a survey of households. It is reported to one decimal place.
Because they come from different surveys, the two can disagree in a given month: payrolls can rise while the unemployment rate also rises.
Revisions matter more here
Each report revises payrolls for the previous two months, and an annual benchmark revision arrives with the January data in February. A month that looked strong can be revised down later. Most contracts settle on the first published figure for the reference month, not on later revisions, so read the settlement terms.
Read the strike carefully
- Payrolls in thousands: "above 150k" usually refers to the change in jobs, not the level.
- Unemployment to one decimal: a contract for "4.3% or higher" pays on exactly 4.3%; "above 4.3%" may not. Wording decides it.
Ranges are a field too
Payroll and unemployment markets are often listed as ranges. Exactly one range settles yes, so add up their prices: anything above 100¢ is the built-in markup.
2026–27 jobs report release dates (8:30 a.m. ET)
| Data for | Release date |
|---|---|
| October 2026 | Fri Nov 6, 2026 |
| November 2026 | Fri Dec 4, 2026 |
| December 2026 | Fri Jan 8, 2027 |
| January 2027 | Fri Feb 5, 2027 |
| February 2027 | Fri Mar 5, 2027 |
| March 2027 | Fri Apr 2, 2027 |
| April 2027 | Fri May 7, 2027 |
| May 2027 | Fri Jun 4, 2027 |
| June 2027 | Fri Jul 2, 2027 |
| July 2027 | Fri Aug 6, 2027 |
| August 2027 | Fri Sep 3, 2027 |
| September 2027 | Fri Oct 8, 2027 |
| October 2027 | Fri Nov 5, 2027 |
| November 2027 | Fri Dec 3, 2027 |
Source: BLS Employment Situation schedule. Dates can change; confirm before trading.
