US nonfarm payrolls (Employment Situation): July 2026 data
Why it matters
Nonfarm payrolls set the market’s read on US labour-market heat — repricing Fed cuts, the dollar and euro-area yields within minutes of release.
What to watch
- Headline payrolls versus consensus and the prior two months’ revisions.
- Unemployment rate and wage growth (average hourly earnings).
- Fed-pricing and EUR/USD reaction, and read-across to euro-area yields.
Result captured
US nonfarm payrolls, July: +21,000 jobs, revised from -23,000 as first reported; unemployment rate 4.1%. Source: BLS Employment Situation release.
July payrolls now stand at +21,000 after a 44,000 upward revision. As first published this month showed a 23,000 contraction, so the revision changes the sign of the reading, not merely its size. The unemployment rate was unchanged at 4.1%.
Briefing
US nonfarm payrolls contracted by 23,000 jobs in July with no consensus forecast published, marking a sharp reversal from the prior 12-month average gain of 34,000 jobs.
Sources
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