What it means
It includes jobs added, the unemployment rate and wage growth. Earlier months get revised.
In practice
The jobs report is the broadest monthly reading of the US economy, and the Fed watches it closely. A strong report can lift the dollar and bond yields; a weak one can do the opposite.
Traders look at all three parts together: jobs added, the unemployment rate and wage growth. The market's reaction depends on which of them surprises.
What to watch for
It is one of the most volatile moments of the month, and the first spike often reverses. Revisions to earlier months can change the meaning of the headline number, so the first reaction is not always the lasting one.