The trend since 2019.
The latest available read: Nonfarm Payroll Change is at 162 as of August 2026. Source: FRED · PAYEMS.
Why it matters.
A healthy job market keeps your paycheck safe and supports home prices and loan approvals. When hiring swings wildly like this, it hints at employer uncertainty, which could eventually slow wage growth and make employers more cautious about raises.
Where it fits.
Nonfarm Payroll Change feeds the Jobs & Labor view — one of the six areas behind the site's Macro IQ score.