On the first Friday of every month, the US Bureau for Labor Statistics (BLS) releases its famous non-farm payroll data (NFP). The NFP data are arguably the most closely watched indicator of the US economy, because they show the level of job creation over the previous month throughout the entire economy. The data also show the unemployment rate, the participation rate and average hourly earnings. In a sense, NFP data give a snapshot of the US economy in real time. Employment data tend to be a lagging economic indicator; however, they are closely followed by market participants because when we…

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