Monthly change in US non-farm employment, released on the first Friday. One of the highest market-impact economic releases. • +200K+: Strong labor market — supports Fed tightening • +100–200K: Healthy pace • Below +100K: Slowdown signal — rate cut expectations rise • Negative: Recessionary (-20.7M in April 2020) Released alongside unemployment rate and average hourly earnings — all three must be read together. Larger surprises vs expectations trigger stronger market reactions.